Oslo, 7 May 2020 – DNO ASA, the Norwegian oil and gas operator, today reported that it had identified and implemented 2020 budget cuts of USD 350 million or 35 percent across all spend categories as the Company moved early and quickly to protect its personnel and operations and preserve its cash position in response to the the devastating impact of the coronavirus pandemic. The Company exited the first quarter of 2020 with a cash balance of USD 543 million, up from USD 486 million at yearend 2019.