Table of Contents 2
List of Tables 4
List of Figures 5
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, Q4, 2016-Q4, 2017 7
DNO ASA, Key Valuation Metrics 8
Key Valuation Metrics, Q4, 2016-Q4, 2017 8
DNO ASA, Quarterly Results of Oil & Gas Operations Per boe Produced 9
Results of Oil & Gas Operations Per boe Produced, Q4, 2016-Q4, 2017 9
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2016-Q4, 2017 10
DNO ASA, Quarterly E&P Costs Trends 11
Upstream Capital Expenditure, Q4, 2016-Q4, 2017 11
DNO ASA, Quarterly Production Trends 13
DNO ASA, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2016-Q4, 2017 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2016-Q4, 2017 14
DNO ASA, Valuation and Financial Data, 2013-2017 15
DNO ASA, Share Price Performance, 2013-2017 15
Share Price Performance, 2013-2017 15
Key Valuation Metrics, 2013-2017 17
DNO ASA, Production and Reserves Trends 18
Total Oil and Gas, Reserves and Production 18
Total Crude Oil and Natural Gas Production and Reserves Trend, 2013-2017 18
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2013-2017 20
Total Crude Oil and Natural Gas Reserve Changes, 2013-2017 22
Crude Oil/Liquids Production and Reserve 23
Crude Oil/Liquids Production and Reserve Trend, 2013-2017 23
Crude Oil Production and Reserves By Country/Region, 2013-2017 25
Crude Oil/Liquids Reserve Changes, 2013-2017 26
Natural Gas Production and Reserve 27
Natural Gas Production and Reserve Trend, 2013-2017 27
Natural Gas Production and Reserves, By Country/Region, 2013-2017 28
Natural Gas Reserve Changes, 2013-2017 29
Total Crude Oil and Natural Gas Reserves Life Index 30
Total Crude Oil and Natural Gas Reserves Life Index, 2013-2017 30
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2013-2017 31
DNO ASA, E&P Costs Trends 32
Allocation of the Upstream Capital Expenditure 32
Upstream Capital Expenditure, 2013-2017 32
Exploration and Development Costs, By Country/Region, 2013-2017 33
Oil and Gas Cost Per boe, US$/boe 34
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2013-2017 35
DNO ASA, Reserve Replacement Ratio 36
Oil and Gas Production Replacement Ratio 36
Oil and Gas Production Replacement Ratio, 2013-2017 36
Oil and Gas Production Replacement Ratio, By Country/Region, 2013-2017 38
DNO ASA, Results of Oil & Gas Operations Trend 41
Oil and Gas Revenue and Expenses 41
Oil and Gas Revenue and Expenses, 2013-2017 41
Oil and Gas Revenue and Expenses, By Country/Region, 2013-2017 43
Oil and Gas Revenue and Expenses, Per boe 51
Oil and Gas Revenue and Expenses, By boe, 2013-2017 51
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2013-2017 53
Oil and Gas Performance Metrics 59
Recent Developments 61
DNO ASA - Recent Developments 61
Nov 01, 2018: DNO reports robust third quarter 2018 results 61
Oct 12, 2018: Last exploration licence sale prompts Chevron's Norway retreat 62
Oct 10, 2018: DNO ramps up production at Peshkabir field in Iraq 63
Aug 28, 2018: Faroe Petroleum: DNO Withdraws Faroe General Meeting Requisition 63
Aug 20, 2018: DNO Reports Payment for Tawke Deliveries 64
Aug 16, 2018: Genel Energy announces update on Tawke PSC 64
Jul 30, 2018: DNO passes peshkabir production target 65
Jul 20, 2018: DNO reports payment for tawke deliveries 65
Jul 20, 2018: Genel Energy provides receipt of payment for KRI oil exports 66
Appendix 67
Methodology 67
Coverage 67
Secondary Research 67
Primary Research 68
Data Information Sources 68
Company Source 68
SEC/Other Regulatory Filings 68
Other Sources 68
Expert Panel Validation 68
Data Definition 69
Oil and Gas Reserves 69
Units of Measure 69
About GlobalData 70
Disclosure 70
Disclaimer 70

List of Tables
Table 1: DNO ASA, Key Facts 6
Table 2: DNO ASA, Share Price Performance, Q4, 2016-Q4, 2017 7
Table 3: DNO ASA, Key Valuation Metrics, Q4, 2016-Q4, 2017 8
Table 4: DNO ASA, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 9
Table 5: DNO ASA, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2016-Q4, 2017 10
Table 6: DNO ASA, Upstream Capital Expenditure, Q4, 2016-Q4, 2017 12
Table 7: DNO ASA, Total Crude Oil and Natural Gas, Production, Q4, 2016-Q4, 2017 13
Table 8: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 14
Table 9: DNO ASA, Share Price Performance, 2013-2017 16
Table 10: DNO ASA, Key Valuation Metrics, 2013-2017 17
Table 11: DNO ASA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 19
Table 12: DNO ASA, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2013-2017 21
Table 13: DNO ASA, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013-2017 22
Table 14: DNO ASA, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 24
Table 15: DNO ASA, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2013-2017 25
Table 16: DNO ASA, Crude Oil Reserve Changes, mmbbl, 2013-2017 26
Table 17: DNO ASA, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 27
Table 18: DNO ASA, Natural Gas Production and Reserves, By Country/Region, bcf, 2013-2017 28
Table 19: DNO ASA, Natural Gas Reserve Changes, bcf, 2013-2017 29
Table 20: DNO ASA, Oil and Gas Reserves Life Index, Years, 2013-2017 30
Table 21: DNO ASA, Oil and Gas Reserves Life Index, By Country/Region, Years, 2013-2017 31
Table 22: DNO ASA, Upstream Capital Expenditure, US$ mil, 2013-2017 32
Table 24: DNO ASA, Exploration and Development Costs, By Country/Region, US$ mil, 2013-2017 33
Table 25: DNO ASA, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 34
Table 26: DNO ASA, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2013-2017 35
Table 27: DNO ASA, Oil and Gas Production Replacement Ratio, %, 2013-2017 37
Table 28: DNO ASA, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2013-2017 40
Table 29: DNO ASA, Revenue and Expenses, US$ mil, 2013-2017 42
Table 30: DNO ASA, Revenue and Expenses, By Country/Region, US$ mil, 2013-2017 49
Table 31: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 52
Table 32: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2013-2017 58
Table 33: DNO ASA, Oil and Gas Performance Metrics, 2013-2017 60

List of Figures
Figure 1: DNO ASA, Share Price Performance, NOK/Share, Q4, 2016-Q4, 2017 7
Figure 2: DNO ASA, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2016-Q4, 2017 8
Figure 3: DNO ASA, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 9
Figure 4: DNO ASA, Upstream Capital Expenditure, US$ mil, Q4, 2016-Q4, 2017 11
Figure 5: DNO ASA, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2016-Q4, 2017 13
Figure 6: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 14
Figure 7: DNO ASA, Share Price Performance, NOK/Share, 2013-2017 15
Figure 8: DNO ASA, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2013-2017 17
Figure 9: DNO ASA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 18
Figure 10: DNO ASA, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2013-2017 20
Figure 11: DNO ASA, Total Oil & Gas Production, By Country/Region, mmboe, 2013-2017 21
Figure 12: DNO ASA, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2017 22
Figure 13: DNO ASA, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 23
Figure 14: DNO ASA, Oil Reserves, End of Period, By Country/Region, mmbbl, 2013-2017 25
Figure 15: DNO ASA, Crude Oil Reserve Changes, mmbbl, 2017 26
Figure 16: DNO ASA, Gas Reserves, End of Period, By Country/Region, bcf, 2013-2017 28
Figure 17: DNO ASA, Natural Gas Reserve Changes, bcf, 2017 29
Figure 18: DNO ASA, Oil and Gas Reserves Life Index, Years, 2013-2017 30
Figure 19: DNO ASA, Oil & Gas Reserve Life Index, By Country/Region, Years, 2013-2017 31
Figure 20: DNO ASA, Upstream Capital Expenditure, US$ mil, 2013-2017 32
Figure 22: DNO ASA, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2013-2017 36
Figure 23: DNO ASA, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2013-2017 38
Figure 24: DNO ASA, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2013-2017 39
Figure 25: DNO ASA, Revenue and Expenses, US$ mil, 2013-2017 41
Figure 26: DNO ASA, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 43
Figure 27: DNO ASA, Exploration Expenses, By Country/Region, US$ mil, 2013-2017 44
Figure 28: DNO ASA, Oil & Gas Revenue, By Country/Region, US$ mil, 2013-2017 45
Figure 29: DNO ASA, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 46
Figure 30: DNO ASA, Production Costs, By Country/Region, US$ mil, 2013-2017 47
Figure 31: DNO ASA, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 48
Figure 32: DNO ASA, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 51
Figure 33: DNO ASA, Exploration Expenses per boe, By Country/Region, US$/boe, 2013-2017 53
Figure 34: DNO ASA, Lifting Cost per boe, By Country/Region, US$/boe, 2013-2017 54
Figure 35: DNO ASA, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2013-2017 55
Figure 36: DNO ASA, Total DD&A per boe, By Country/Region, US$/boe, 2013-2017 56
Figure 37: DNO ASA, Total Revenue per boe, By Country/Region, US$/boe, 2013-2017 57
Figure 38: DNO ASA, Oil and Gas Performance Metrics, 2013-2017 59