DNO-Enters Gjøa through asset swap with Vår Energi-06/18/2026

Research evidence excerpt

DNO-Enters Gjøa through asset swap with Vår Energi-06/18/2026

DNO

NEWSFLASH | 18 JUN 2026

Enters Gjøa through asset swap with Vår Energi

DNO is swapping its 5% stake in Nova (reducing its interest from 45% to 40%) and its 15% stake in Ringhorne Nord for a 5%

interest in the Gjøa field and Gjøa Nord discovery, with DNO receiving a USD 17.5m post-tax cash payment as part of the

consideration. The move gives DNO a direct ownership position in the Gjøa host platform for the first time, which is relevant

given the company has five Gjøa tie-backs (Kjøttkake, Cuvette, Ofelia, Cerisa, Gjøa Nord) heading for FIDs this year. While

the transaction is broadly reserves- and production-neutral, it is consistent with DNO's broader strategy of concentrating

its NCS portfolio in core areas while divesting non-core assets, with a stated production target of 100 kbd by 2030. BUY TP

NOK 25.

Tom Erik Kristiansen

+47 24 13 21 86, tek@paretosec.com

Olav Haugerud

+47 22 87 88 07, olav.haugerud@paretosec.com

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