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Q3 2026 Interim Results Presentation
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Page 2 • Net production increased 61 percent from previous quarter to 142,800 barrels of oil equivalent per day (boepd), of which North Sea contributed 85,400 boepd, Kurdistan region of Iraq 54,900 and West Africa 2,500 boepd • Revenues of USD 1,023 million, an all-time high, were up a third quarter-on-quarter, driven by resumption of Kurdistan production and higher prices across the portfolio • Operating profit increased 46 percent quarter-on-quarter to USD 641 million, also a record figure, while net profit rose by 21 percent to USD 101 million • High business development activity level throughout the quarter; DNO continues to chase growth opportunities while exercising capital discipline • DNO divested its non-core Côte d'Ivoire business realizing an annualized return of 24 percent since entering the country in October 2022 • With 2026 maintenance largely completed, DNO expects North Sea production to average around 86,000 boepd for the full year • Board of Directors approved a quarterly dividend of NOK 0.375 per share, payable in November 2026, maintaining the same level as the previous five quarters DNO races ahead on stronger production, higher prices 115.4 149.7 131.7 88.4 142.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net production thousand boepd North Sea Kurdistan West Africa
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Our strategy and priorities for further growth • Active investment in a portfolio of 130 licenses, including 31 producing fields, six ongoing developments and another six discoveries approaching final investment decision • Fast-track projects towards production of 100,000 boepd by 2030 • Portfolio includes 182 MMboe net 2P reserves and 236 MMboe net 2C resources • Stepping up drilling at Tawke and Peshkabir fields with two rigs, considering a third, and also drilling beyond the existing production footprint • Monetize 199 MMboe of net remaining 2P reserves and 55 MMboe of net 2C resources • Continue targeting international prices for our oil, while maintaining certainty of payments • Portfolio optimization through bolt-on acquisitions and swaps • Actively pursue value accretive opportunities in new countries to build a third leg • Leverage DNO’s competitive advantage and exercise capital discipline Page 3 North Sea Deliver organic growth from broad portfolio Kurdistan Maximize value of material legacy position Inorganic growth Acquire assets
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Kjøttkake now approved; DNO beefing up Gjøa area • Development of DNO’s 2025 Kjøttkake discovery (40 percent) approved by license partners • First oil in H1 2028 with gross 20,000 boepd at plateau and 37 MMboe of total recoverable resources • Three-well development operated by Aker BP by arrangement; operatorship to revert to DNO after first oil • The Gjøa area is DNO’s biggest production hub offshore Norway; Q3 2026 net output averaged 17,000 boepd • DNO stepped up its presence in 2026, swapping into Gjøa field and Gjøa Nord, also increasing stake in Vega • Kjøttkake, together with four other tie-back projects, will bolster DNO’s production in the Gjøa area • Additional drilling of new production wells at Gjøa and Nova scheduled for Q4 2026 and Q1 2027 Page 4 10 km 20 km 30 km Kjøttkake (40%) Gjøa (5%) Cuvette (10%) DNO licenses Discoveries Ongoing developments Producing fields Map area Gjøa Nord (5%) Ofelia (10%) Cerisa (10%) Vega (8.8%) Nova (40%) Duva (10%)
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Kvitebjørn area coughing up larger resources • March 2026 asset swap with Equinor provided DNO entry into Afrodite (discovery) and Atlantis (now approaching investment decision) • Recent appraisal well on Afrodite more than doubles resource estimate to 77-180 MMboe • Afrodite candidate for stimulation of tight reservoir, including hydraulic fracturing • With production expected to be tied back to Kvitebjørn hub, in which DNO holds 19 percent • Following appraisal well at Carmen discovery in June 2026, resource range is estimated at 21-107 MMboe of gas-condensate • DNO’s stake in Kvitebjørn field delivered 7,600 boepd net to the Company in Q3 Page 5 DNO licenses Discoveries Producing fields Map area Kvitebjørn hub (19%) Atlantis (19%) Afrodite (10%) Carmen (30%) 10 km 20 km 30 km 40 km
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6 11 7 9 10 1 2 3 4 5 8 13 14 15 16 17 North Sea developments drive growth towards 2030 • Offshore Norway, five new field developments delivered since 2025, six more under execution and six additional projects approaching final investment decision (FID), all targeted onstream before 2030 12 Developments delivered (Time of first oil) 1 Maria Revit (Q2 2025) 2 Andvare (Q3 2025) 3 Verdande (Q4 2025) 4 Symra (Q2 2026) 5 Dvalin North (Q2 2026) 33 MMboe net DNO 2P reserves with 18,000 boepd estimated Q4 2026 average Under execution (Scheduled first oil) 6 Bestla (Q1 2027) 7 Cerisa (Q4 2027) 8 Kjøttkake (H1 2028) 9 Ofelia (Q3 2028) 10 Gjøa Nord (Q3 2028) 11 Berling (Q4 2028) 40 MMboe net DNO Recoverable resources with 26,000 boepd estimated 2029 average Approaching FID (Targeted first oil) 12 Brage Talisker (2027) 13 Cuvette (2028) 14 Atlantis (2029) 15 Beta (2029) 16 Vidsyn (2029) 17 Symra phase II (2029) 40 MMboe net DNO 2C contingent resources with 20,000 boepd estimated 2030 average Page 6
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3 Page 7 License Name Type Chance of Success* Chance of Commerciality* DNO interest Pre-drill volumes (MMboe) 2026 Q1 Q2 Q3 Q4 PL1148 Carmen Appraisal N/A Discovery Medium 30% PL167 Symra/Heimdal Appraisal N/A Discovery High 20% PL293 Afrodite Appraisal N/A Discovery Medium 10% PL1203 Jotun Deep Exploration 19-120 Medium High 20% PL636 Sava Exploration 11-65 Medium High 10% PL929 Anabelle Exploration 10-60 Medium High 10% PL984 Norma Appraisal N/A Discovery Medium 30% 1 *Low: <20% Medium: 20%-50% High: >50% Updated North Sea 2026 exploration program 1 2 3 5 4 65 6 7 4Discovery Drilling planned/ongoing Post-drill volumes (MMboe) 21-107 Postponed to 20277 2 8-15 77-180 • Appraisal wells so far this year confirmed an estimated 35 MMboe of recoverable resources net to DNO • Postponed Norma appraisal reduces projected 2026 exploration spend by USD 40 million to USD 160 million
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Page 8 • In northern Iraq, DNO resumed production at midyear from its operated Tawke license (75 percent) after a four-month precautionary shutdown due to escalation of drone and missile attacks in the Middle East • Gross operated production stood at 73,200 boepd in the third quarter and is expected to average 50,000 boepd for the full year • The Company sold its oil at an average of USD 38.5 per barrel in the quarter, the highest price realized since local sales commenced in 2023 • All payments for DNO’s oil were made to the Company’s international bank accounts in advance of oil deliveries • Prices for oil sales were raised this month to USD 45 per barrel, up nearly 50 percent from sales at the start of 2026 Kurdistan production resumed 46,572 77,268 52,800 363 73,219 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross operated production boepd
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Page 9 Financial results 222 177 284 439 641 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating profit USD million 20 -34 51 83 101 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net profit USD million 547 482 627 761 1,023 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenues USD million
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Page 10 Cash flow • Q3 2026 operational cash flow of USD 660 million (USD 639 million in Q2 2026) • North Sea tax instalments of USD 136 million were paid in Q3 2026 (USD 98 million in Q2 2026) • Net investing activities of USD 129 million (USD 228 million in Q2 2026) driven by USD 172 million in asset investments and USD 26 million in decommissioning, partly offset by USD 68 million net inflow from divestments and license transactions • Net cash inflow from financing activities of USD 63 million (outflow of USD 294 million in Q2 2026) driven by increased borrowing under prepayment facilities, partly offset by dividends and net interest paid • Cash at end Q3 2026 totaled USD 1,008 million Q3 2026 cash flow USD million 550 -136 -129 63 1,008 660 Cash at end Q2 2026 Cash from operations Tax Investing activities Financing activities Cash at end Q3 2026
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Page 11 Balance sheet 2,813 3,029 3,010 3,174 3,264 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 808 886 790 553 232 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net debt USD million 1,411 1,329 1,327 1,364 1,416 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total equity USD million Total Property, Plant and Equipment USD million
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Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or industry and markets in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. Any forward-looking statements and other information contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts based on the current expectations, estimates and projections of the Company or assumptions based on information currently available to the Company, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, neither the Company, nor any of its subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking information and statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law or regulation, to update any forward-looking statements or to conform these forward-looking statements to our actual results. Any investment involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance, relations with customers and the outcome of DNO’s offer for Capricorn Energy plc. More generally an investment will involve risks related to general economic, political and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. DNO is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither DNO nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Nothing in this paragraph shall exclude or limit the responsibilities or obligations of DNO and/or its directors under the UK Takeover Code (the “Code”). The Presentation speaks and reflects prevailing conditions and views as of the date of this release. It may be subject to corrections and change at any time without notice except as required by law. The delivery of this Presentation - or any further discussions of the Company with any recipient - shall not, under any circumstances, create any implication that the Company assumes any obligation to update or correct the information herein, nor any implication that there has been no change in the affairs of the Company since such date. On 17 September, DNO and DNO Bidco AS (“Bidco”) announced a revised cash offer for Capricorn Energy plc (“Capricorn”). On 28 September 2026, DNO and Bidco announced that the financial terms of such offer, being a total value of US$ 5.214 in cash per Capricorn share, are final and will not be increased. This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation to purchase or subscribe for any securities. The release, distribution or publication of this presentation in jurisdictions outside the United Kingdom may be restricted by laws of the relevant jurisdictions and therefore persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. Page 12