Good morning, and welcome to DNO's full-year 2025 interim results earnings call. My name is Jostein Løvås, and I am the communication manager here at DNO.

As you may understand from the cover photo, we've had a landmark year with lots of celebration. Recently, our board of directors and senior management were in Kurdistan marking that 500 million barrels of oil have been produced from our operated Tawke license.

This photo shows our two chefs, executive chairman Bijan Mossavar-Rahmani cutting the cake together with the chef at the Tawke field. Now back to Oslo and the results.

Present with me here today are Managing Director Chris Spencer and CFO Birgitte Wendelbo Johansen, and the chairman is joining us online from New York and will kick off the presentation. Please, Bijan, go ahead.

Jostein, thank you, and good morning to everyone attending this call. We will, of course, be discussing the interim results for the fourth quarter of 2025 and for the full year, but also taking a peek look at the direction of the company in 2026, our goals, our targets, our plans, and our programs.

As Jostein mentioned, 2025 has been a very transformative year for DNO with milestones and records. He mentioned the great milestone of 500 million barrels produced from the Tawke license that includes the Tawke field itself and the Peshkabir field.

500 million barrels produced is a lot of barrels, and this field has outperformed the expectations of many, not necessarily of ours. We've always known this is a very important license, and we produced 500 million barrels, and many hundreds of millions of barrels still left to to be to be produced from these two fields.

This has been a terrific asset for DNO, and I think we've managed it responsibly and safely and well over the more than 20 years that DNO has been producing from this license. Going beyond that important celebration and visit that the board and and and I and senior management paid to Kurdistan in January, I'll say a few words about other records reached by DNO in 2025.

Our net production increased significantly by about 43% year-on-year to 110,700 barrels of oil equivalent per day. That is the highest level reached in the company's 54-year history, boosted in important respects in the second half of 2025, of course, by the transformative acquisition of Sval Energi Group in Norway.

Of that total 110, 111,000 barrels a day equivalent, 54,800 barrels of oil equivalent per day was in the North Sea and an almost equivalent amount of 52,600 thousand barrels of oil per day equivalent in Kurdistan. The company is now about evenly balanced between the North Sea, most importantly, of course, Norway, and also Kurdistan.

Our two legs are now about of equal size, and both very strong and robust. We have a smaller leg in West Africa, where we produced last year 3,300 barrels of oil equivalent per day.

Most of that is gas in the Ivory and in the Ivory Coast. The figures picked up in the fourth quarter of the year with net production of as much as 88,300 barrels of oil equivalent per day in the North Sea and 58,000 barrels of oil equivalent per day in Kurdistan.

Our revenues in 2025 more than doubled year-on-year to close to $1.5 billion. That's a very significant figure, of course, for us, with cash from operations also nearly more than doubling to $929 million last year.

Our operating profit was strong, increasing to $513 million, while net profit stood at a negative $25 million that reflects importantly the the income tax in Norway and net financial expenses, and our CFO Birgitte will will go into some detail on on those numbers. Chris will, in his coming presentation, go over operational issues and then talk about both in more detail the figures that I just presented and our plans for 2026, which are very exciting as well.

We now have a very strong platform coming out of 2025 to go into 2026 and in into the ensuing year years. One final point for me, the board of directors yesterday approved another quarterly dividend of NOK 0.375 per share to be paid to our shareholders later this month.

Last year, our total dividends paid to shareholders was $130 million, again in 2025, and I should also note that we have been paying a quarterly dividend consistently since August of 2022, and we're pleased to have that also as part of our our ongoing targets is to to prioritize our shareholders and pay quarterly quarterly dividends on the back of our performance. With that introduction, I now pass this on to our managing director, Chris Spencer, to cover the operational issues, and I will stay, of course, in the meeting and happy to respond to questions together with my colleagues during the Q&A at the end of the presentations.

Thank you. Chris, if you would please resume the presentation.

Thank you very much, Bijan, and good morning from me from a cold Oslo. As Bijan mentioned, I'll take you through the operational aspects of our quarterly report.

I'm starting with Kurdistan obviously, and as the title of the slide indicates, we are putting our foot back on the accelerator in Kurdistan. As the previous slide mentioned, 2025, however, was characterized by tremendous resilience of our business in that region.

The first couple of bullet points that we have on the slide are alluding to that. Notwithstanding the production deferment resulting from the drone strikes back in July, our team did a fantastic job recovering from that, and we managed to average 70,000, just over 70,000 barrels of oil equivalent per day throughout the year.

You can see from the numbers how the recovery panned out because, by fourth quarter, we were back at 77,000 barrels a day roughly. That, looking back, we highlighted it in several of the quarterly presentations last year, but it's real credit to both the team and the quality of the assets that we have in the region that, by the end of the year, we were back at about 80,000 barrels a day from the Tawke PSC, which is about the production rate we had going into the year, and compares very favorably with a 2024 average production rate of about 79,000.

Despite not drilling for two years, the team has kept pretty much a flat production, apart from when we've been hit by drones. As Bijan mentioned, we've been celebrating 500 million barrels, but I think that that performance the last couple of years has illustrated for us that there's plenty of potential left in the Tawke and Peshkabir fields, and that is one of the reasons why we've decided, after a 30-month hiatus, to get back to drilling.

That has started already. In December, we kicked off our two-rig, eight-well program.

It's a little bit in 2025, but mainly 2026. That's the company-owned Cindy rig and one contracted rig from our long-term partner, DQE.

A second contracted rig and third rig in total has now been signed up, another DQE rig. By April or so, we should have two big rigs and Cindy, all working in the Tawke license.

That makes us by far the most active international operator in the region once again. Of course, that means increased capex this year, but that's good news, good money spent.

It's going to have very short return on investment times. Of course, as a reminder to everyone, all cost that goes into the Tawke license is recovered as we spend it under the cost recovery mechanism in the PSC.

Of course, that requires one to be paid, which I'll come back to. On the back of that resilience that we've seen from the assets and our ability to maintain production at around the 80,000 mark, combined with the drilling program that we're now putting in place, we have our target to hit 100,000 barrels a day of gross operated production from the license, which of course DNO's share would represent 75,000 working interest.

If you've read the press release, you will see we're guiding an average of 65,000 DNO share from the Tawke license this year. As I touched on, the cost recovery of course requires one to be paid, and this is a key driver, as we've discussed before, for the choice we made to continue to sell our oil on to a local buyer where we use the shorthand cash and carry, but it's actually a bank transfer, international bank transfer, and we make sure the money hits our account before we hand over any oil.

We have that payment certainty in an uncertain region. We're not content with that, however.

We're very pleased that Baghdad, Erbil, and other producers agreed to get back to using the export pipeline last year. I think that's very positive for the country, and the buyer of our oil puts it into the export pipeline as well.

With that reopening, we aim to find a way to get back into export markets or export pricing for our own oil during 2026. That's a key aim for us this year.

Moving on to North Sea and a couple of general themes here. The slides talk to the business model of the North Sea where we're doing exploration and identifying upsides in existing assets, maturing those into resources, reserves, production, and therefore dollars.

As DNO is pushing hard to fast-track that process wherever we go, trying to shorten the cycle time from initial investment to return on that investment. That is one of the themes that runs through the slides we have for you.

The other, of course, is the impact of the Sval acquisition on that business model for us and the operational financial synergies that we are realizing from that transaction. We maintain our active but focused exploration portfolio.

We're making discoveries, and then we are impatient to get those on-stream. We've guided 82,000 of net production for this year from the portfolio, which gives us that financial and tax efficiency for the fast-track development model that we're pursuing.

We just gave for your reference here the pro forma figures as if we had owned Sval throughout last year just to give you a sense of where the assets stand. Of course, for DNO shareholders, this is the first year where we have the full effect of Sval production.

The increase in production that Bijan mentioned is the real number for DNO shareholders to consider, but the 81,000 just gives you a sense of where the assets have been performing and that we're tweaking those up this year as well. Many, many fields that we're involved in now, as the slide says.

The recent highlights are the start-up of Andvare and Berling, but, as we're showing in the slides, this is part of a conveyor belt of opportunities that we're working on for ongoing developments that have been sanctioned and are halfway through the projects with start-ups in the next few years. That means that we need to ramp up capex a little bit.

Again, in Kurdistan, we have the costs being cost recovered. In Norway, as most of these are tax-deductible when you have a portfolio such as we have now with 82,000 barrels a day of production.

We are also realizing cost synergies from the Sval acquisition. We've just been through the painful process of downsizing and streamlining the team.

That does realize cost synergies, but I think, from my perspective, that's much more about getting the right team, streamlined, efficient team in place to go after the business model we're pursuing. I would say that we have a fantastic team.

We've actually had to let some good people go in order to get the right-sized team because we believe that an efficient team is the way to run your business. Then back to the conveyor belt of exploration through to production and dollars, right at the front end of that is, of course, the APA licensing rounds that we are very active in Norway, and again, we had a very successful round.

I think we were ranked third in terms of the number of licenses received from the ministry. Move on to the next slide.

This one we think speaks for itself, and I'm really pleased to show the progress that we've made since we announced the acquisition, which was the yellow dotted line here. Back in March, when we came to the market and then started raising money on the back of the acquisition, this is what we expected to achieve from the combined portfolios.

As you see, I was going to say pleasantly surprised, but we've also been working very hard to make this happen. The projection now looks better, and of course, this is our daily work that we are seeking to improve this further.

Again, you see from the different colors, this lifecycle I'm talking about of working through from exploration and upsides are shown here through the 2C category into 2P and then out the back in production and dollars, which is what then comes back for capital allocation to dividends and reinvestment in the business. I think that one speaks for itself and a very strong development for the outlook for our business.

Subset of that is, of course, the four discoveries that I touched on earlier. The interesting thing here is that those are in a prime core area for us.

This is one of the core areas that we highlighted for operational synergies again on the back of the acquisition, and you see that coming through. We have very strong production from the Nova field, which is not actually labeled here, but is just to the southwest of the Gjøa hub.

The Skarv development is to be tied back to Nova and into Gjøa. Prime example of the operational synergies that we were hoping to achieve.

Skarv is also the best example of fast-tracking that we are looking for where, together with Aker BP, we are going to have that in production three years after discovery. That we are trying to replicate across the portfolio.

Also, as you see from the statistics on the slide, the fast track is not done by sacrificing sort of breakeven price for these developments. $40 to $45 per barrel seems to be very much part of the course on the NCS when I look around the industry.

As I've touched on a few times, we have many other discoveries in our portfolio where we're trying to unblock timelines and get fast-track developments moving. If we take the next slide, please.

Then we go back to the ones that we're trying to add to our hopper, and so we're back very active exploration appraisal program again. $200 million spend, again tax-deductible.

I have to be careful how I use that phrase because I don't want to give the impression that we don't care about costs. We are very cost-focused, but investors should be aware that those hard-spent dollars are still tax-deductible in Norway.

Very exciting wells coming up this year. I'm not sure what to touch on, but, of course, there's two appraisals there of very significant discoveries that we've made, Carmen and Norma.

I'm excited by the outcomes there. Numerous exploration wells.

Schrøder is worth just mentioning because that's a higher risk than many or all of the others, but we have a carry arrangement there. For us, financially, it's not such a high risk on the chance of success since we have the carry.

We've added a column to this slide as well to try to express what we're working on, which is that one thing is whether you find something or not, which is the traditional geological chance of success on the left. The other is how quickly and efficiently you can bring that into production.

We're trying to give you a sense of that on the chance of commerciality column. As you would expect from what we've been saying before, if we have discoveries, then we see the chance of commerciality for all of them as medium to high.

Second bullet point, the slide explains that a little bit more where there's three examples there where exploration prospects are going into licenses where you've already got discoveries that are heading towards development. They should be able to piggyback very quickly on the back of that.

Another example is Carmen, and the adjacent Atlantis discovery is being matured by Equinor for tieback to Kvitebjørn, where we have a 19% interest. If the resources there are firmed up, that also should be able to hop on the back of Atlantis and be developed rapidly.

In the interest of time, sorry, I could go on all day on these topics. Let's move on, and I think I'm now handing over to the CFO Birgitte to take you through the numbers.

Thank you very much, Chris, and good morning, everyone. Let's dig into the financial results.

We start with presenting the preliminary income statement for the full year of 2025. Our revenue was $1.474 billion, up 120% compared to 2024.

The growth is strongly influenced by the acquisition of Sval Energi last year, which was consolidated into our accounts as of June. 86% of the group's revenues stems from the North Sea business in 2025, compared to 65% in 2024.

Operating expenses have increased, also following the inclusion of Sval, and operating profit ended at $513 million, also a substantial increase from 2024 and also previous years, as you can see. 2025 pro forma operational spend was $1.55 billion, which we expect to see climb to $1.65 billion in 2026, as you've also read probably in the press release this morning.

Net profit in 2025 was negative $25 million, roughly at the same level as $27 million we had in 2024. As a large difference between the operating profit and net income is due to higher financing costs as well as tax rate above 100%, and I will explain the latter as a part of the quarterly results on the next slide, please.

We have an extra table here to give you some more details on the fourth quarter, isolated. Our revenue in the fourth quarter was $481.6 million, compared to $546 million in 2025.

The main drivers for the reduced the revenue decrease is reduced sales volumes and realized prices in the North Sea, partly offset by higher sales volumes in Kurdistan. For the North Sea, it's worth mentioning, reminding you, that we had a strong production growth in the quarter, 14% higher than the previous quarter.

As revenue is recorded based on sold volumes, and we had a large underlift in the quarter, in the fourth quarter of 2025. Our operating profit was $177.1 million in the fourth quarter, down from $221.8 million in Q3.

The main drivers are reduced revenue and increased exploration costs expensed in the North Sea, partly offset by the impairment reversal and gain on license transactions. As you can see, we have a net impairment reversal of $56.8 million, and I've seen this morning that this has caused a little bit of confusion amongst the analysts.

I'll I'll give you some more details on that. If you look at note 7 in the report, we have the full description there with all details.

There we see that the net impairment reversal contains a reversal relating to Bestla in the Brage area, and this reversal is subject to a 78% tax charge. Then we make some impairments related to other assets, but these are goodwill impairments, there is no corresponding tax shield related to these.

With a combination of tax charge on the reversals and no tax shield on the impairments, we end up with a net impairment contributing positively to the pre-tax profit, as you can see, but negatively to the net profit. Move on to the cash flow, please, Jostein.

Thank you. Here is an overview of the full-year main cash movements, and as you can see, they are quite substantial.

Net cash moved from $899 million at the end of 2024 to $454 million at the end of 2025. Quite substantial movements also in in between, as you can see on what on the waterfall on the slide.

Our operational cash flow was strongly supported by the inclusion of the Sval numbers, and totaled $929 million in 2025, compared to $433 million in 2024. Sval is also the main change when we report our tax payments, which totaled $264 million in 2025, compared to only $1 million the year before.

If we look at our investment activities, 814 out of the 831 you see on the bar there represents investments in organic and inorganic assets, including the Sval acquisition, and the rest is decommissioning with $33 million, and net cash from equity-accounted assets in West Africa. For financing activities, it's been a very active year, as those of you following us would know.

We've had a lot of moving parts in form of establishing new financing facilities, as well as the redemption of the DNO 04 bond and the Sval and DNO RBLs. These activities have been covered in previous presentations as they mostly relate to quarters 1 to 3, let's dig into the details there.

On the back of these numbers, we're also very pleased to to announce that the board has decided a dividend distribution for the 15th consecutive year in a row. That's very good news for our shareholders.

Balance slide, please, Jostein. Thank you.

You see the same effect here on the balance sheet. It's been a year of significant changes, with much more assets, as you can see in the blue the blue bar.

Balance sheet with a net debt position and a book equity supported by the hybrid bond. We still have a very solid and healthy balance sheet, well in compliance with all our bond covenants, in addition to being very strong basis for new potential M&A activities, also with the financial toolbox we now have in place.

All in all, we have had a very strong quarter from DNO, no specific surprises or special items to take note of, and not least a year with high activity, both operationally and on the business development side. We're growing production in all three regions, and we are ready for an exciting year in 2026.

With that, I hand the word back to Jostein for the Q&A.

Yes, thank you, Birgitte, and I believe I should give some instructions while people are lining up to ask questions. If you want to pose a question, you may raise the tiny virtual hand on top of your screen, and then when you are chosen by the organizer, you will be notified that you are allowed to unmute, after which you will have to remember to unmute yourself too.

First up is Teodor Sveen-Nilsen. Please.

Good morning, and thanks for taking my questions, and congrats on a transformative 2025. A few questions from me.

First one on the export in Kurdistan. You said that you expect exports during 2026.

I just wonder how does it work? Are you able to join the current export deal, or what do you need to see to put you in a place to join that export agreement?

That's the first question. Second question, that is on Tawke production.

You mentioned 100,000 barrels per day. Could you share some more thoughts around the timeline on that, when you will reach that, or if it's already there?

Final question, that is on 2026 dividends. You talked about the 2025 dividends, but can you share some thoughts around 2026 dividend levels, or whether that will be a percentage or cash flow or earnings or some other numbers, what we could expect for 2026 dividend would be useful.

Thanks.

Let me tackle the first and third questions, and I'll ask Chris to tackle the second one. On the first one, yes, of course, we can join the tripartite agreement anytime we wish to do so.

In a sense, we're partially doing that by the fact that, as Chris mentioned, while we sell our oil on a cash and carry, or deposit in bank account and carry basis, our oil does go into the pipeline. We're not part of the agreement in the sense that we're not part of the review of the contracts by Wood Mac, as the other companies are, and our payments, again, are made by our buyer, and they're made in advance.

We have that certainty of payments, and we've been paid since the beginning of the opening of the pipeline, while the other participants had to wait some time to get paid, and they have a different arrangement. We can join that agreement at any time we want, and I think the other participants, both the companies, certainly SOMO, would like that to take place.

We still don't know how the tripartite agreement is going to work. We don't know the timeline of the Wood Mac study.

We don't know what the Wood Mac study is studying and what it will say, and how that will be processed by Baghdad. Baghdad is still going through a time taking process of government formation.

How the new government in place will view the agreement and its terms, we don't know. When that'll take place, we don't know.

Our position is to wait and see what, in fact, that's going to look like and how that compares to the arrangement that we already have in place. That will take us probably until mid-year.

Maybe it'll drag on later, depending on government formation. By mid-year, the existing pipeline agreement between Turkey and Iraq will expire, as you know.

What will replace it, we don't know. That is another trigger for a decision by us as to what to do next.

Of course, the tripartite agreement itself is constantly renewed. There's uncertainty, and because we're making substantial investments in Kurdistan in drilling, and we're the only company doing it, we want to reduce that uncertainty as much as possible to be able to sustain our investments.

Other companies are not investing because they're not quite sure what comes next. They're getting some payments now, as we understand it, but the fact that they're not investing suggests that there's uncertainty in their minds.

We don't have that uncertainty under our arrangements, and we're investing. When some of the cloud over this disappears, we will have more wells, more production, more reserves under production, and we will gain the benefit of that at that time later this year.

I expect that because of the changes that might come into play on the Iraq-Turkey pipeline, there may be other again ways that exports and export pricing will take place, or because of a decision on our part once the uncertainty is removed to join or not join the tripartite agreement, or have our own separate agreement with SOMO. That's a possibility as well, that there'll be the tripartite plus one, much like OPEC plus two or three, whatever OPEC plus is now.

That's another option, too. That's why we believe that in 2026, we will be either part of the current export arrangements, or we will find another mechanism to be exposed to export pricing.

I think we're pretty certain that that's our aim, anyway, to either export or have our pricing approach export and global prices. That's the answer to the first question.

On the issue of dividends, again, we've been paying dividends since August of 2022, regular dividends, and rising dividends, and we're pleased to do that. Birgitte, you might say some words as to what cumulatively we've done in terms of returns to shareholders.

Before I turn to her to do that, I will also say that the matter of dividends distributions is one for the shareholders. Each year in June, we come back to the shareholders, and we make a proposal for dividend policy and dividend payments, and the shareholders will make a determination as to what level and or what discretion to give the board to make decisions about shareholders moving forward.

We will make those recommendations for the next 12 months after our AGM. We'll make a recommendation to the shareholders, and ultimately, they will make the decision.

We've established this record of shareholder returns, and shareholders always vote in favor of dividends. It's a question of what is a prudent level that allows us to continue this policy.

We've already signaled a number of times over the past several years that we've made prioritizing shareholder dividends an important part of the company. Of course, we've always prioritized our bondholders and have this incredible track record of over two decades of solid bond raises and solid bond returns.

This is not at the exclusion of bondholders. They are as much a stakeholder of DNO, and have been for a long time, as are our shareholders on the equity side.

Birgitte?

If my calculations are correct, we have paid $455 million in dividend and $60 million in share buyback after COVID, so that's total $515 million in distribution to our shareholders, so that's quite substantial.

Chris, on the 100,000 barrels a day in Kurdistan?

Thank you, Bijan. I was just thinking it's a presentation of 500s, we're not just celebrating 500 million barrels in Tawke, but 500 million in shareholder distributions.

Excellent. Thank you, Bijan.

On the 100,000 target, great question, Teodor. I'll just start by reminding everyone, as I did in my presentation, of the incredible performance that we've achieved on the two fields in the Tawke license the last two years without drilling.

We used to get questions pretty much every quarter about the decline rates of Tawke and Peshkabir when we were drilling. What was the underlying decline rate?

We were asked time and time again. It's quite amazing, isn't it?

Because we've had two years without drilling, and we haven't had any decline. Now I thank our team.

They've done a brilliant job, but that obviously reflects on the quality of the assets underlying also. That's what's given us the confidence to set ourselves this target of 100,000.

A key component of achieving that, as we also wrote on the slide, is that some of the wells we're going to drill are aiming to add reserves to what we already have booked on those fields. That would be converting what's currently either in the contingent resource category or within the so-called 3P possible reserves into probable reserves and quickly into production.

The timing of that depends on the success of the drilling program, and we're not guiding the market on when we'll hit 100. What we are guiding on is the average this year for DNO share production of 65,000, which you can simply do the math and figure out that that is 86 to 87,000 barrels a day gross on average this year.

You can do the simple maths to see that the trajectory is upwards from this quarter, and we are working to hit the 100 as soon as we possibly can. What we're guiding the market is that figure.

With that, I believe Teodor's questions were answered, and we'll move on to another analyst, Tom Erik Kristiansen. Please unmute yourself.

Thanks for taking my questions, and congrats on last year, the performance in Norway particularly looks better than expected. Can you say anything more about how the portfolio of Sval has developed compared to your expectations in general, and where has the upsides been realized?

Secondly, on the developments in Norway, you have focused, of course, on moving this forward at a higher pace than usual in this country. What are the key drivers to achieve that, and is there also some corporate M&A angle to it where aligning interests along different blocks or discoveries would help in that regard?

Thank you.

Chris, do you want to put the slide back on again that shows our expectations last year versus what it looks like today?

Give me the slide.

Oh, yeah, sorry.

Yes, thank you for the question. As and the slide I I hope will be coming up shortly, but as our our production projection slide shows, Tom, it was we've been very pleased.

The we were we're upgrading our outlook for North Sea production just what, 10 months after the the the announcement. Now, as we said in the also mentioned in the slides, we have some 30 fields that we're now in, it gets very long-winded if you go through all the all the all all of the ups and downs.

Clearly, the overall effect has been positive. I think, on the on the production side, then then there's the examples are Kvitebjørn, Oseberg, Tambar, Brage, but they're all they're all contributors.

I I don't want to spend too much time on that. I think really when we're looking forward, what you see is this combination of the the fast-tracking developments.

Skarv discovered in in the Q1 last year and coming on production in 2028, that is a fantastic driver not only of the production, but also value. That's underpinning the mid-life of this particular chart.

Then, as we said, in what we've got to do as well, you have the big assets getting bigger effect as well. In the Martin Linge, the Ekofisk, and Brage as well, where where it's which is, huge STOOIP field, and we keep finding bit more what as we are hoping to do in Tawke and Peshkabir, we keep finding little bits on the edge of the field that are adding up to making quite a big difference.

It's probably better to focus on those themes of of turning the 2C into the 2 turning the discoveries into 2C into 2P, and the 2C that are in these these big fields into 2P, and we've seen positive developments on on both of those fronts. We're still working to achieve more.

I'm glad you asked about the M&A because we announced we we that's an important part of the not just the not just the corporate strategy in terms of looking for more substantial M&A, but it's going to be a big part of the toolbox we have in the North Sea as well is optimization M&A, and that's what you saw us announce couple of deals on in Q4. We are working on more of those, we're trying to adjust our growth profile on the back of M&A as well and high-grade the portfolio to get more out more cash spinning off the asset base that we have.

Also

Also on that point, I'll add that as we wrote in our press release today, 2026 could be a year of opportunity for us. The market is going to be nervous.

We've already seen that because of geopolitical issues and and and trade issues and so on, and the price of oil has been uncertain. It could go up, and it could slide back down again, depending on events outside of our control.

It is going to be a nervous year for oil markets, and could be a difficult year for some companies, especially if prices come back down again into the low $60s for Brent, perhaps even lower. There could be opportunities for us to to move quickly to to pick up assets.

We've said that that this will be a 2026 a nervous year because of uncertainty and maybe pressure on some companies because of oil prices, but that it'll also be a frisky year. There'll be opportunity, and DNO is a frisky company.

We can move quickly, as we've demonstrated. Decision-making is is is is is rapid at DNO, and we're opportunistic.

We have a line of, effectively, a line of credit with the with the arrangements we have in place with with Engie on our gas and also ExxonMobil and Shell on our oil. We can tap into those funds and other resources to move quickly to to make acquisitions, and we're poised for that as well.

We we will be on the lookout and able to move quickly because of the way we're organized, and because we have perhaps are better positioned in terms of our balance sheet and our access to to credit than other companies of our size or smaller or maybe even somewhat larger to move quickly to acquire opportunities if they fit and look attractive to us, primarily in the in in the North Sea, but not limited to the North Sea.

Okay. Are you happy, Tom Erik?

It seems Teodor has a follow-up question.

Very happy. Just a short follow-up from me as well.

Is it correct to assume that with those facilities you mentioned, the cash on balance sheet, and also, of course, some leverage capacity on assets you buy, especially if they're producing in the North Sea, that you could do a deal of $2-3 billion without issuing any equity? If it's producing assets in the North Sea.

Do you think that's kind of a range of what you can take on right now without any equity issues, or do you need to make some adjustments to that?

I don't want to comment on that because we don't know what those opportunities are. When I said that we can move fast on to acquire assets that are a bit more distressed, I had smaller-size assets in mind because of smaller companies, but there could be larger companies that may want to divest from Norway or reduce their assets, and we'll be on the lookout for those.

I think we will be positioned, and we'll have market support to do those acquisitions. We're not fearful of those acquisitions of that size.

The Sval acquisition that we made was in that category, and we were able to execute quickly. With that now under our belts, we're able to go even larger.

We are, there's some assets we've been on our radar, but whether or not they become available opportunistically, I don't know. My point was this will be a year, I think, of nervous market reactions to price movements, especially on the downside, and that could happen.

It could happen that price will jump for some geopolitical reasons. We're on the lookout, and we are open to doing those, and certainly have the appetite, and the wherewithal, and the mindset, the mood, and the emotional sort of friskiness.

We want to do deals. We want to get bigger.

Yeah.

Sounds very good. Thank you.

With that, I think Teodor Sveen-Nilsen will get the last question, as there are no other people on the list now. Please, Teodor.

Thank you. Actually, two new questions and no follow-ups.

You talk about exploration, and definitely show a solid list of exploration prospects. I just wonder whether you can discuss the most promising ones or maybe pick out a couple of favorite wells?

That's the first question. Second one is on just a technicality on the Bestla reversal of impairment.

I assume that forward curves on oil prices slided down past year, but still you do a reversal of impairment. Could you just explain us the drivers behind that reversal?

Thanks.

Thank you. Maybe put up the exploration slide again.

Teodor, thank you for the question. I hate to pick out favorites, as because the implication for the other wells is what people take away.

I would just say that, as Bijan's spoken about previous quarters, as we have grown as a company, our ambition is actually to have higher working interest in these opportunities. Because those are the ones that will really move the dot for DNO.

When I look at that right-hand column, then you can see that if I were using that criterion as a favorite, then you would be looking at the ones where we are 30% or 20% rather than 10. Having said that, all of these investment decisions have come across my desk, and I wouldn't have been positive to them if I didn't think that they were going to add value to the shareholders.

Of course, exploration is a funny game. Sometimes the one you're not expecting to come in comes in, and the one you're banking on doesn't.

We've all seen that many times over our career. It's tough to pick it out.

Personally, I guess, I'm very interested to see the appraisal results on Carmen and Norma. Those are two of the most exciting discoveries we made over the last few years and have substantial potential.

Even that, or as well as being close to infrastructure. When we've talked about exploration strategy in the past, we've said, "Yeah, we are close to infrastructure, ensuring we have rapid routes for commerciality."

We've also been looking for new play types in this near-infrastructure area. Skarv is an example of that, to mention that one again.

Carmen and Norma also are in that category, and so they have a greater potential volume-wise than some of the others. Just look at last year when you were in Brage and you hit 10 million barrels.

The value of that is tremendous because you can produce it next year. Yes, lots and lots of factors.

I'm excited by the program, is the way I'll finish that. Oh, an impairment question.

Birgitte?

Yeah.

All I know as an engineer is that we have moved closer to the start-up of more production, the NPV has gone up. Is that part of it?

That's part of it. The significant development work has been completed, including drilling of production wells.

We have a new assessment that led to $30 million impairment reversal that is post-tax. You asked about the input we use or the commodity prices we use.

It's worth mentioning that there were some movements on commodity prices since we delivered our annual report or quarter report for fourth quarter of 2024 until we announced the acquisition of Sval. The input in our impairment assessments would be different from 2024 to when we did the Sval PPA, which was, I guess, in March.

This is before my time, but that's also worth mentioning. We haven't reduced our expectation when it comes to the input we use on the commodity prices since March.

It's quite stable, and we follow our peers and the forward curve as you mentioned also, Teodor. There's also a lot of details in the notes.

We have at least one page, even more, I think, on note 7 in the report, there is also quite a lot of information. There you also find the table with all the details on each adjustment we have done in Q4 in 2025.

Thank you. Have you increased any reserves or resources in the latest assessment?

Not reserves, I think, no.

No, that's no material change in the reserves. The wells have confirmed what we were expecting.

Okay. Thank you.

That's all for me.

Jostein, would you put that exploration slide you just had on back on the screen, please? I'll make a couple more comments.

I'll point to two columns, both of which Chris has talked about. One is the DNO interest, which here we have these 10%, 15% interests, and then the 30% interest.

That shows the evolution of DNO as a North Sea player. When we returned to Norway several years, and now about 4-5 years ago, we came in and started up as a pure exploration company.

We took small interests or were awarded small interests in blocks, and the target was to make discoveries. As we've matured, we're now taking larger interests and being awarded larger interests in assets, and this is significant because, as a larger company, then discoveries will be more meaningful for us.

Plus, with larger interests, we have the ability to farm down and, for example, then reduce our exposure in terms of capex. We don't want to do that, but at least with larger interests, we have the ability to sell down if that makes sense for whatever reason or combination of reasons.

That's been a change, and you'll see again that moving forward, our interests are going to be 30%, 40% and in that range, larger than it was the case when we were a small exploration-only company with more limited resources and less of a track record. We've also added, importantly, this chance of commerciality.

The point isn't just to make discoveries; it's to make discoveries of commercial molecules, both oil and gas. That's not a consideration as we decide which wells to drill.

It's first, what is the geological chance of success? Second is having made the discovery, how quickly can we bring it to market?

That better be under 5 years. It hopefully will become 2 to 3 years, and that's what we're targeting.

That means we have to have discoveries made near infrastructure, which we've been doing now for a number of years, but also that it's not just near infrastructure, but it's near accessible infrastructure that we are able to get into that infrastructure, and to do all of this in very rapid time in terms of from the time between discovery and production. Our business model has changed in that sense as we've matured, and you see that here, and you'll see it in successive quarters when we show these slides again that you'll see more wells that have high chance or medium to high chance of commerciality and where the DNO interest is larger.

That shows the evolution of DNO as a small exploration-focused company to a more mature company that focuses on exploration, but with access to infrastructure already, importantly through the Sval acquisition of the Sval assets, and the fact that again we have this fast-track mentality and developing fast-track partnerships that you'll see us continue to mature, and that'll make us even more successful as a North Sea player than we have been because of exploration. It will make us more successful because of development and then larger production volumes.

I think you see this evolution in this slide. You'll see it further in future quarters as

well. Then, ladies and gentlemen, that's a wrap.

Thanks to all participating, and see you again in a couple of months.

Thank you. Thank you.