DNO and Rocksource Enter Deal on Jaguar Prospect

DNO UK Ltd. has entered into an Earn-In Agreement with Rocksource ASA regarding the drilling of the exploration well on the Jaguar prospect planned to be spudded around mid January 2006.

DNO will through this transaction transfer a 10% share in P1067 to Rocksource and Rocksource will be funding 15.42% of the costs of drilling the well.

The transaction is subject to approval by the UK authorities.

Following completion of this transaction and given approval by the authorities, the partners in PL 1067 are DNO as operator with 50%; Elixir with 40% and Rocksource with 10%.

Given oil discovery the most likely unrisked resource potential of the Jaguar prospect is estimated at 138 million barrels - which is 69 million barrels net to DNO.

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