DNO Sells Treasury Shares

DNO ASA has sold 900,000 treasury shares. The sale was executed by ABG Sundal Collier after close of the Oslo Stock Exchange on Wednesday March 2, 2005. The shares were sold to international institutional investors at a price of NOK 39.80 per share, which is equal to DNO's closing price on the Oslo Stock Exchange on Wednesday March 2, 2005.

The treasury shares were purchased by DNO ASA during the fourth quarter 2004 at an average cost price of approximately NOK 27,80 per share. The sale of treasury shares was done as part of DNO's efforts to broaden its shareholder base with international institutional investors.

DNO ASA holds 94,500 treasury shares following the above-mentioned sale. In addition, DNO ASA has entered into forward contracts to purchase 2,194,259 DNO shares and holds options for purchase of 6,350,000 DNO shares.

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