DNO and Talisman Swap Interests Offshore Norway

PL 143CS
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PL 265, Norway
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DNO has entered into an Exchange Agreement with respect to an undivided 35% interest in PL143CS to be acquired from Talisman Energy Norge AS in exchange of a 10% working interest in PL265.

PL 143CS contains the Hummer Prospect, and a well on this prospect is planned to be drilled with the Maersk Giant, with estimated spud date early December 2005.

The transaction is subject to approval by the Norwegian authorities.

The other J/V Partners in PL 143CS are Paladin Resources as operator with a 45% stake and BG with a 20% stake.

Helge Eide, DNO's Managing Director comments: "This transaction is in line with the company's continuous portfolio management and optimization. We are particularly pleased with the opportunity to participate in drilling at this promising NCS prospect already this year."

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