Genel Energy PLC: Response to Rule 2.8 announcement from DNO ASA

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The Board of Genel Energy plc (“Genel” or the “Company”) notes the announcement made earlier today by DNO ASA (“DNO”) confirming that it does not intend to make an offer for Genel.

On 7 August 2026, Genel confirmed that it had received an unsolicited proposal from DNO regarding a possible offer to acquire the entire issued, and to be issued, ordinary share capital of Genel at a price of 69 pence in cash per Genel share (the "Possible Offer") and that the Board of Genel, having carefully evaluated the Possible Offer with its advisers, had unanimously rejected it.

The Board of Genel remains firmly of the view that the Possible Offer fundamentally undervalued Genel, its asset base, financial position and prospects, and that it provided no basis for engagement with DNO.

The Board of Genel believes that the Company continues to represent a compelling investment proposition, and remains confident in the Company’s strategy and prospects for long-term value creation for shareholders, underpinned by:

• a strong balance sheet (last reported cash of $240 million as at 31 July 2026);
• its 25% working interest in the Tawke licence, a large-scale, low-cost and highly cash-generative producing asset;

• the disciplined deployment of excess capital to diversify and strengthen the Company’s future cash generation, with a number of potential opportunities continuing to be under review;
• further de-risking the Company’s existing organic portfolio; and
• a return to exports in Kurdistan, which has the potential to more than double the revenue generation from Tawke, as detailed in Genel’s results announcement on 4 August 2026.

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Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com.