DNO (Hold, TP: NOK7.50) - Q3 production at the low end
DNO this morning reported Q3 gross production of 105.2kboepd in Kurdistan (4% below our estimate of 110kboepd), implying Q4 production of ~112.5kboed is needed to achieve its 2021 guidance. North Sea entitlement production was 13.1kboepd, 5% below our estimate of 13.8kboepd, while total payments received from KRG were USD120.1m (in line with our expectation). We view the update as neutral to slightly negative.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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