DNO to Make Dividend Payment

In a Board Meeting on March 30, 2005, the board of DNO ASA approved DNO's consolidated financial statements for 2004. DNO's net profit for 2004 is NOK 202.2 million, which is identical to the preliminary results released in the stock exchange notice dated February 15, 2005.

Following a period of strong growth resulting from the successful strategy implemented in 1996, DNO realized substantial values through the asset sale to Lundin in 2003. As a result of this the company has paid out a total amount of NOK 496 million in extraordinary dividend payment, of which NOK 56 million was paid out in 2003 and NOK 440 million in 2004.

In view of the company's current financial position the Board of Directors has decided to propose to the General Shareholders Meeting approximately NOK 130 million in ordinary dividend payment for 2004 consisting of a cash payment of NOK 0.5 per share, plus one DNO ASA share for each 20th share in the company. In case of an uneven number, the difference will be compensated by cash payment. The recommended dividend payment will be provided for in the final 2004 N GAAP financial statements.

In light of the investment plans and financial requirements related to the company's license portfolio the Board of Directors may recommend additional extraordinary dividend payment in 2005.


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