DNO References Oslo Stock Exchange's Decision to Impose Certain Penalties

Reference is made to a press release issued today by the Oslo Stock Exchange (OSE) concerning a decision by the board of OSE to impose certain penalty payments on DNO, due to an alleged breach of its obligations to release information to the market.

The alleged breach of such obligations to release information to the market is according to OSE related to DNO's sale of 43,873,960 treasure shares on October 10, 2008. Prior to the sale of the treasury shares, DNO searched potential buyers both through direct and indirect contact. The sale of the shares was as required under applicable regulations reported immediately to the market on October 10, 2008. The shares sold by DNO were held under a UK nominee account and the beneficiary ownership of the shares was at the time not known to the Company.

DNO had no knowledge of the beneficiary of the shares until the Company was advised by Genel Enerji, and the disclosure from DNO on 6 April 2009 confirming Genel's ownership was made in order to satisfy OSE request the make such disclosure, although it is DNO's firm opinion that this was not required.

DNO has consistently provided all relevant information to OSE during the process and has not withheld any such information. DNO disagrees strongly with the allegation by OSE that the Company has delayed the process in this matter.

DNO firmly rejects the basis for the decision made by OSE and will appeal the decision to the relevant OSE authority body ( "Borsklagenemmda" ).


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