DNO (Buy, TP: NOK20.00) - All eyes on potential reserve additions
We consider near-term news flow to be mainly dominated by exploration results at Baeshiqa and our expectation of upward revisions to year-end 2P reserves. Ahead of the Q4 report, due 7 February, we are slightly ahead of consensus. We continue to have a positive view and maintain our BUY, while we have cut our target price to NOK20 (21) on the lower oil price.DNO is a Norwegian exploration and production company focused on the Middle East and North Africa. Co. holds stakes in oil and gas blocks in various stages of exploration, development and production, both onshore and offshore, in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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