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DNO International Signs Amended Concession Agreement for the Saleh Area, Offshore Ras Al Khaimah

20.04.2012  |  Globenewswire Europe
Oslo, 20 April 2012 -- DNO International ASA, the Norwegian oil and gas company,
announced today that it has signed an amended concession agreement with the
Government of the Emirate of Ras Al Khaimah, RAK Gas LLC and Dahan Petroleum Ltd
("Dahan") granting Dahan exploration rights to certain outlying areas of the
Saleh concession in exchange for Dahan covering the cost of DNO International's
and RAK Gas' participation in such exploration program.

Dahan has 12 months to conduct a technical review of existing data and to
acquire 3D seismic data, following which it can elect to drill, at its sole risk
and expense, an exploratory well in the acreage surrounding, but not including,
the Saleh field. The amended concession agreement provides that DNO
International would have a 16 percent carried interest in such exploratory well.
Dahan has the option to drill additional exploratory wells in the designated
areas with DNO International retaining the option to continue its 16 percent
carried interest on each such well or to participate instead at 40 percent on a
paying basis.

The ownership participating interests and other fiscal and operating terms of
the concession area containing the Saleh field remain unchanged, with DNO
International holding 70 percent and RAK Gas the remaining 30 percent.

"We are pleased that Dahan is enthusiastic about the offshore potential of the
Emirate of Ras Al Khaimah and will conduct an exploration programme designed to
give us a fresh look at the area surrounding the Saleh field," said David
Thorpe, General Manager of DNO Ras Al Khaimah. "If a discovery is made, we
intend for it to be tied back to our existing platform and pipeline facilities,
enhancing the commerciality of the planned Saleh redevelopment project," he
added.

The Saleh field was first brought on stream in 1984, but following water
encroachment and pressure decline in the Mishrif-Mauddud reservoir the field has
been producing intermittently since 1996. The deeper Thamama reservoir, from
which DNO International produces oil and gas in the nearby West Bukha field,
remains largely untapped at Saleh. DNO International is completing technical
studies and finalising plans to drill into the Saleh Thamama reservoir once a
rig becomes available.

Dahan is a subsidiary of Lime Petroleum PLC, which in turn is majority owned by
Rex Oil and Gas and Hibiscus Petroleum Berhad. The Lime Petroleum PLC group also
has interests in the Sultanate of Oman, the Emirate of Sharjah and the Norwegian
Continental Shelf. Dahan will operate the exploration activities until a
commercial discovery is made, following which DNO International will take over
as operator on behalf of the joint venture.

DNO International ASA is an Oslo-listed, Middle East and North Africa focused
oil and gas company holding stakes in 17 licenses in various stages of
exploration, development and production both onshore and offshore in the
Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the
United Arab Emirates and the Tunisian Republic. http://www.dno.no

Oslo, 20 April 2012

DNO International ASA
Corporate Communications

Queries: Tom Bratlie (Tom.Bratlie@dno.no or tel: +47 905 21 904)



This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)





This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: DNO International ASA via Thomson Reuters ONE
[HUG#1604363]


Unternehmen: DNO International ASA - ISIN: NO0003921009
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