DNO DNO ASA Class A

Mandatory Notification of Trade

Mandatory Notification of Trade

Please refer to the attached forms of notification of transactions by primary insiders under the DNO ASA Employee Synthetic Share Program.

This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3.

Attachments



EN
30/03/2025

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Reports on DNO ASA Class A

 PRESS RELEASE

Mandatory Notification of Trade

Mandatory Notification of Trade Please refer to the attached Form of Notification of transaction by primary insider. This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3. Attachment

Steffen Evjen
  • Steffen Evjen

DNO (Hold, TP: NOK15.00) - Time for a breather

We estimate Q1 net entitlement production of ~39kboed and EBITDA of USD119m (no reliable consensus). While the proposed Sval Energi acquisition (expected to close mid-year) should increase DNO’s North Sea production from ~20kboed to ~80kboed, we believe a spin-off would likely be required to get full valuation credit for the acquisition. Meanwhile, a resumption of oil exports from Kurdistan appears to be gridlocked, and DNO and its partners lack certainty on historical and future payments. Follo...

Steffen Evjen
  • Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

 PRESS RELEASE

Mandatory Notification of Trade

Mandatory Notification of Trade Please refer to the attached forms of notification of transactions by primary insiders under the DNO ASA Employee Synthetic Share Program. This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3. Attachments

Steffen Evjen
  • Steffen Evjen

Weekly news, topics & discussion

This week, we published a note on the harsh reality of USD70/bbl for our coverage. While investors appear to be positioning for lower oil prices, we believe consensus FCF estimates for NCS large caps remain overly aggressive. Meanwhile, DNO announced a discovery at the Kjøttkake prospect, north-west of Troll, adding ~NOK0.8/share (~4%) to DNO’s NAV and ~NOK1/share to Aker BP’s (

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