Table of Contents Table of Contents 2 List of Tables 4 List of Figures 4 Company Snapshot 6 Key Information 6 Company Overview 6 DNO ASA, Valuation and Financial Data 7 DNO ASA, Share Price Performance 7 Share Price Performance, Q1, 2015-Q1, 2016 7 DNO ASA, Key Valuation Metrics 8 Key Valuation Metrics, Q1, 2015-Q1, 2016 8 DNO ASA, Quarterly Results of Oil & Gas Operations Per boe Produced 9 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 9 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 10 DNO ASA, Quarterly E&P Costs Trends 11 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 11 DNO ASA, Quarterly Production Trends 12 DNO ASA, Total Oil and Gas Production 12 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 12 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 13 DNO ASA, Valuation and Financial Data, 2011-2015 14 DNO ASA, Share Price Performance, 2011-2015 14 Share Price Performance, 2011-2015 14 Key Valuation Metrics, 2011-2015 15 DNO ASA, Production and Reserves Trends 16 Total Oil and Gas, Reserves and Production 16 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 16 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 17 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 19 Crude Oil/Liquids Production and Reserve 20 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 20 Crude Oil Production and Reserves By Country/Region, 2011-2015 21 Crude Oil/Liquids Reserve Changes, 2011-2015 22 Natural Gas Production and Reserve 23 Natural Gas Production and Reserve Trend, 2011-2015 23 Natural Gas Production and Reserves, By Country/Region, 2011-2015 24 Natural Gas Reserve Changes, 2011-2015 25 Total Crude Oil and Natural Gas Reserves Life Index 26 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 26 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 27 DNO ASA, E&P Costs Trends 28 Allocation of the Upstream Capital Expenditure 28 Upstream Capital Expenditure, 2011-2015 28 Oil and Gas Cost Per boe, US$/boe 29 Oil and Gas Cost Per boe, US$/boe, 2011-2015 29 DNO ASA, Reserve Replacement Ratio 31 Oil and Gas Production Replacement Ratio 31 Oil and Gas Production Replacement Ratio, 2011-2015 31 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 32 DNO ASA, Results of Oil & Gas Operations Trend 34 Oil and Gas Revenue and Expenses 34 Oil and Gas Revenue and Expenses, 2011-2015 34 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 35 Oil and Gas Revenue and Expenses, Per boe 38 Oil and Gas Revenue and Expenses, By boe, 2011-2015 38 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 39 Oil and Gas Performance Metrics 43 Recent Developments 44 DNO ASA - Recent Developments 44 Oct 03, 2016: Genel Energy: Receipt Of Payment For KRI Oil Exports From Tawke Field 44 Aug 18, 2016: DNO Drilling New Tawke Wells on Back of Profitable Second Quarter 44 Aug 08, 2016: Genel Energy: Receipt Of Payment For KRI Oil Exports From Tawke Field 45 Jun 23, 2016: Genel Energy: Receipt Of Payment For KRI Oil Exports From Tawke Field 45 Jun 23, 2016: DNO Reports Payment For Tawke Deliveries 45 Jun 21, 2016: Genel Energy: Receipt Of Payment For KRI Oil Exports From Tawke Field 46 Jun 21, 2016: DNO Reports Payment For Tawke Deliveries 46 Jun 01, 2016: Genel Energy: Receipt Of Payment For KRI Oil Exports From Tawke Field 46 May 27, 2016: DNO Reports Payment For Tawke Deliveries 46 May 24, 2016: DNO Announces Oman Block 36 Well Results 46 Appendix 48 Methodology 48 Coverage 48 Secondary Research 48 Primary Research 48 Data Information Sources 49 Company Source 49 SEC/Other Regulatory Filings 49 Other Sources 49 Expert Panel Validation 49 Data Definition 49 Oil and Gas Reserves 49 Units of Measure 50 About GlobalData 50 Disclosure 50 Disclaimer 50

List of Tables Table 1: DNO ASA, Key Facts 6 Table 2: DNO ASA, Share Price Performance, Q1, 2015-Q1, 2016 7 Table 3: DNO ASA, Key Valuation Metrics, Q1, 2015-Q1, 2016 8 Table 4: DNO ASA, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 9 Table 5: DNO ASA, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 10 Table 6: DNO ASA, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 11 Table 7: DNO ASA, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 12 Table 8: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 13 Table 9: DNO ASA, Share Price Performance, 2011-2015 14 Table 10: DNO ASA, Key Valuation Metrics, 2011-2015 15 Table 11: DNO ASA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 16 Table 12: DNO ASA, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 18 Table 13: DNO ASA, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 19 Table 14: DNO ASA, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 20 Table 15: DNO ASA, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 21 Table 16: DNO ASA, Crude Oil Reserve Changes, mmbbl, 2011-2015 22 Table 17: DNO ASA, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 23 Table 18: DNO ASA, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 24 Table 19: DNO ASA, Natural Gas Reserve Changes, bcf, 2011-2015 25 Table 20: DNO ASA, Oil and Gas Reserves Life Index, Years, 2011-2015 26 Table 21: DNO ASA, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 27 Table 22: DNO ASA, Upstream Capital Expenditure, US$ mil, 2011-2015 28 Table 23: DNO ASA, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 30 Table 24: DNO ASA, Oil and Gas Production Replacement Ratio, %, 2011-2015 31 Table 25: DNO ASA, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 33 Table 26: DNO ASA, Revenue and Expenses, US$ mil, 2011-2015 34 Table 27: DNO ASA, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 37 Table 28: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 38 Table 29: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 42 Table 30: DNO ASA, Oil and Gas Performance Metrics, 2011-2015 43 List of Figures Figure 1: DNO ASA, Share Price Performance, NOK/Share, Q1, 2015-Q1, 2016 7 Figure 2: DNO ASA, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 8 Figure 3: DNO ASA, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 9 Figure 4: DNO ASA, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 11 Figure 5: DNO ASA, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 12 Figure 6: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 13 Figure 7: DNO ASA, Share Price Performance, NOK/Share, 2011-2015 14 Figure 8: DNO ASA, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 15 Figure 9: DNO ASA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 16 Figure 10: DNO ASA, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 17 Figure 11: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 17 Figure 12: DNO ASA, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 19 Figure 13: DNO ASA, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 20 Figure 14: DNO ASA, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 21 Figure 15: DNO ASA, Crude Oil Reserve Changes, mmbbl, 2015 22 Figure 16: DNO ASA, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 24 Figure 17: DNO ASA, Natural Gas Reserve Changes, bcf, 2015 25 Figure 18: DNO ASA, Oil and Gas Reserves Life Index, Years, 2011-2015 26 Figure 19: DNO ASA, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 27 Figure 20: DNO ASA, Upstream Capital Expenditure, US$ mil, 2011-2015 28 Figure 21: DNO ASA, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 29 Figure 22: DNO ASA, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 31 Figure 23: DNO ASA, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 32 Figure 24: DNO ASA, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 32 Figure 25: DNO ASA, Revenue and Expenses, US$ mil, 2011-2015 34 Figure 26: DNO ASA, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 35 Figure 27: DNO ASA, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 35 Figure 28: DNO ASA, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 36 Figure 29: DNO ASA, Production Costs, By Country/Region, US$ mil, 2011-2015 36 Figure 30: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 38 Figure 31: DNO ASA, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 39 Figure 32: DNO ASA, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 39 Figure 33: DNO ASA, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 40 Figure 34: DNO ASA, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 40 Figure 35: DNO ASA, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 41 Figure 36: DNO ASA, Oil and Gas Performance Metrics, 2011-2015 43