On March 17, 2005, DNO ASA exercised call options to purchase 6.350.000 DNO shares at an adjusted strike of NOK 12,02 per share.
DNO ASA simultaneously sold 5.000.000 DNO shares at a price of NOK 44,00 per share.
DNO ASA further purchased an American call option for 5.000.000 DNO shares at a strike of NOK 18,00 per share, with an option premium of NOK 26,72 per share and expiry date September 13, 2005.
DNO ASA also issued a European put option for 5.000.000 DNO shares at a strike of NOK 18,00 per share, with an option premium of NOK 0,10 per share and expiry date September 13, 2005.
As of March 17, 2005, DNO ASA had an unrealized gain of approx. NOK 120 mill. on the 6.350.000 DNO shares purchased under option contracts.
DNO ASA also purchased 50.000 DNO shares at a price of NOK 44,00 per share.
Following these transactions, DNO ASA holds 2.282.800 treasury shares. In addition, DNO ASA has entered into forward contracts to purchase 2.194.259 DNO shares and holds options for purchase of 5.000.000 DNO shares.
DNO ASA
March 18, 2005