Somaliland: DNO International Oil Block SL 18

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SL Block 18Somalilandsun – DNO entered into a Production Sharing Contract covering Block SL 18 onshore Somaliland in April 2013.

Block SL 18 covers an area of 12,000 square kilometres. From a regional perspective the geology of Somaliland shows many similarities with Yemen and the exploration interest has centered on searching for Jurassic rifts where source-rocks have accumulated.

DNO holds a 100 percent paying interest in the license with Somaliland holding a 10 percent carried interest.

The Company has initiated studies on Block SL18 ahead of an extensive seismic program planned for 2014.

About DNO

Energy Minister Eng Duake and DNO Chief Bijan Mossavar sign the PSC as president Silanyo COO of DNO and foreign minister Dr Omar witnessDNO International is an entrepreneurial independent E&P company, geographically focused on the Middle East and North Africa with operations in Yemen, the Kurdistan region of Iraq, Tunisia, Oman and Ras Al Khaimah. The group is headquartered in Oslo and listed on the Oslo Stock Exchange.

DNO explores for oil and natural gas in frontier areas and in regions with established oil and natural gas production and infrastructure. Our growth comes through smart exploration, cost effective and fast track development, efficient operating techniques and strategic acquisitions

Growth in Cycles

First cycle from 1996 until divestment of UK and NCS assets in 2003, realized and returned values to shareholders

Second cycle from 2003 with exploration focused strategy

Restructured NCS in 2007, initiating the third cycle.

First cycle

DNO capitalized on its strong position in the UK and Norwegian sectors of the North Sea, where its strategy had been to focus on the development of small oil fields and increasing the recovery rates from mature fields. In 2004, DNO completed the sale of its UK Company and some of its Norwegian assets to Lundin Petroleum for NOK 1.7 billion, returning significant dividend payments to shareholders in 2004-2005.

Second cycle

The focus shifted in 2003 to an exploration led strategy, which delivered significant reserves at low cost in Yemen and KurdistanDNO has extensive oil exploration expertise. Cash flow from high margin production in Yemen funded a significant part of the investments. DNO restructured its activities on the NCS, which generated a net gain of NOK 871 million to DNO.

Det norske oljeselskap

In November 2007, DNO decided to combine the activities in the North Sea with Pertra ASA (now renamed to Det norske oljeselskap ASA, “DETNOR”) – creating the second largest Norwegian oil and gas company. The activities outside of the Norwegian Continental Shelf carry on within DNO International ASA.

Third cycle

The third cycle is building on our strong position in low cost, high potential areas and increased production capacity from a large developed reserve base.Increased production combined with a favorable debt structure will form the basis for future growth, both organically and through active participation in consolidation opportunities.

location of Somaliland's proven Oil

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