reports
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
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
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
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
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 (
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe. 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. In March, Condor signed a non-binding letter of intent outlining the basic terms and conditions for ...
RKH ROCKHOPPER EXPLORATION
CNE CAIRN ENERGY PLC
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
XOM EXXON MOBIL CORPORATION
BLOE BLOCK ENERGY
SENX SERINUS ENERGY
OKEA OKEA
RDSA ROYAL DUTCH SHELL PLC
WDS WOODSIDE PETROLEUM LTD
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
Key Information Relating to Full Redemption of Bond DNO04
Key Information Relating to Full Redemption of Bond DNO04 Issuer: DNO ASA ISIN of bond loan: NO0011088593 Original maturity date: 9 September 2026 New maturity date: 10 April 2025 Redemption price: 102.3625% (plus accrued but unpaid interests) Record date: 8 April 2025 – For further information, please contact:Media: Investors: – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, de...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
BW Offshore: Closing of the sale of the FPSO BW Pioneer
BW Offshore: Closing of the sale of the FPSO BW Pioneer Closing of the sale of the FPSO BW Pioneer Reference is made to the announcement dated 12 March 2025, in which BW Offshore Limited (“BW Offshore”) announced its agreement to sell the FPSO BW Pioneer for USD 125 million to a subsidiary of Murphy Oil Corporation (NYSE: MUR). Following the close of the transaction, BW Offshore has received the initial payment of USD 100 million. The remaining balance is expected before end of Q2 2025 when certain contractual obligations are met. The two parties have also signed a five-year reimbursable ...
DNO Bags Kjøttkake with a Bang
DNO Bags Kjøttkake with a Bang Oslo, 26 March 2025 – DNO ASA, the Norwegian oil and gas operator, today announced an important oil and gas discovery in Northern North Sea license PL1182 S in which the Company holds a 40 percent operated interest. The discovery was made in Paleocene injectite sandstones of excellent reservoir quality with preliminary estimates of gross recoverable resources in the range of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe. The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter gas column. A sidetrack dri...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Steffen Evjen
- Martin Huseby Karlsen
Pemex seeks national partnerships to accelerate developments
In line with its earlier communication about Pemex looking for partners to re-start drilling activities and fight oil production decline, local news reports suggest that Pemex is seeking partnerships for 17 blocks (11 offshore and six onshore) to secure external capital. It is mostly considering local partners and intends to take the role as operator in most of the blocks. At first glance, the expected volume from the partnerships looks to be small, with only 66kbd to be added by year-end 2025. ...
- Martin Huseby Karlsen
Valuation and market update
In this note, we show updated valuation and market statistics for the Offshore Drilling sector.
- Steffen Evjen
Weekly news, topics and discussion
This week, NCS February production was broadly in line with the NOD’s expectations, with total output flat MOM but down 2.4% YOY. Aker BP showed solid January production, while Equinor, Vår Energi, OKEA and DNO showed declines MOM. Halten East is now on stream, but its slow ramp-up limits Vår Energi’s 2025 uplift to ~5kboed, reinforcing the downside risk to its 330–360kboed guidance. Also, DNO successfully placed a new USD600m bond (8.5% coupon) to refinance DNO04 and for general corporate purpo...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Oliver Dunvold
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