Oslo, 21 July 2025 - DNO ASA, the Norwegian oil and gas operator, today confirmed a gas and condensate discovery on the Vidsyn prospect close to its producing Fenja oil and gas field, both within the Norwegian Sea license PL586. The Company has a 25 percent stake in the license, up from 7.5 percent prior to the recent acquisition of Sval Energi Group AS last month.
Preliminary estimates put gross recoverable resources in the range of 25 to 40 million barrels of oil equivalent (MMboe) with a mean of 31 MMboe, above the pre-drill estimate range. The Vidsyn discovery was made in Middle Jurassic high-quality reservoir sandstones of the Ile formation. The partnership, including Vår Energi ASA (75 percent and operator), considers the discovery commercial and sees a potential to unlock a larger volume in the licence.
"Vidsyn is another exciting addition to our string of Norway discoveries," said Executive Chairman Bijan Mossavar-Rahmani. "Together with Vår Energi, we will work hard to put it into production faster than is the norm in Norway."
Vidsyn is located eight kilometers west of the Fenja field, which is tied back to the Equinor-operated Njord field facilities 35 kilometers to the northeast. Njord oil is exported by shuttle tankers while gas is piped to the market via the Åsgard Transport System.
Since re-entering Norway in 2017, DNO has participated in over a dozen discoveries on the Norwegian Continental Shelf, including three on permits operated by the Company, namely Kjøttkake (2025), Othello (2024) and Norma (2023).
DNO produces around 80,000 barrels of oil equivalent per day offshore North Sea from more than 30 fields, participates in six ongoing field development projects, is maturing multiple discoveries for project sanction and has interests in a total of 138 permits in the North Sea where it will drill three more exploration wells later this year: Page in PL1086 (50 percent interest and operator), Tyrihans Øst in PL1121 (30 percent) and Camilla Nord in the Vega unit (5.5 percent). Combined North Sea 2P reserves and 2C resources of 435 million barrel of oil equivalent translates into15 years of production at the current run rate.
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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, Netherlands and Yemen. More information is available at www.dno.no.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
