reports
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.
- Steffen Evjen
Solid NCS production in March
The preliminary Norwegian Offshore Directorate (NOD) production figures for the NCS in March showed strong liquids production of 2,086kboed (~4% above forecast) and gas production of 365mcm/d (broadly in line). Overall production was up 2.7% MOM. On a company level, production was down MOM for most names in February; Aker BP and Equinor were hit by reduced production from Johan Sverdrup, while Vår Energi was hampered by downtime at Fenja.
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a Q1 preview on Equinor. We believe its share price upswing since its CMU is mainly attributable to strong performance by its peer group. The stock is trading at a 15% premium to peers, in line with its historical average. In other news, Vår Energi reported Q1 production in line with our estimates, with realised prices slightly above. We expect focus in the full Q1 report (due on 23 April) to be on Balder X and Johan Castberg. Also, according to news sources, Equinor’s ch...
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor, Vår Energi and Aker BP reported their Q1 trading updates ahead of their full quarterly results later this month. Equinor’s update contained little incremental information for the quarter, Vår Energi reported net production of 300kboed (in line with our estimate, whereas realised prices were slightly above), and we find Aker BP’s update supportive of our 2024 above-guidance production estimate.
- Steffen Evjen
Brasse, Now Bestla, Brage’s Grandma, to Tie Up with Brage as Partners ...
Brasse, Now Bestla, Brage’s Grandma, to Tie Up with Brage as Partners Approve Field Development Oslo, 8 April 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that a final investment decision has been made for the development of the Brasse field, to be renamed Bestla, based on a tie-back to the nearby production facilities of the Brage field. Bestla is Brage’s grandmother in Norse mythology. By long-standing practice, all Norwegi...
- Steffen Evjen
Weekly news, topics & discussion
This week, we updated our estimates for Vår Energi following its Capital Markets Update. We believe Vår Energi presented a viable plan to sustain production above 340kboed until 2030, with upside potential to our estimates if exploration proves successful. As investors gain more confidence in Vår Energi’s long-term production outlook, we see the potential for a repricing towards peers on dividend yield, implying >20% upside potential from yesterday’s close. In other news, we published notes on B...
DNO Kurdistan Operations Recover Rapidly from Torrential Flooding
DNO Kurdistan Operations Recover Rapidly from Torrential Flooding Oslo, 4 April 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that production and field operations at its operated Tawke license (DNO 75 percent) in the Kurdistan region of Iraq have recovered from torrential flooding that also washed away large sections of the banks of the Khabur River, damaging roads and interfering with loading of tanker trucks for deliveries to buyers. The flooding resulted from local downpours combined with snowmelt in neighboring Türkiye in the latter half of March. This led DNO to ...
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a report on Aker BP, highlighting the underperformance YTD versus peers, mainly due the soft 2024 guidance and news of Johan Sverdrup coming off plateau earlier than expected. In other headlines, the preliminary figures from NOD show overall production in line with its forecast, with gas production slightly below and liquids production slightly above. Also, the Tyra redevelopment project came on stream this week, in line with expectations.
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/03/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l...
CNE. CANACOL ENERGY LTD
TXP TOUCHSTONE EXPLORATION
ALVOF ALVOPETRO ENERGY LTD
CHAR CHARIOT OIL & GAS
SAVE SAVANNAH ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
TETY TETHYS OIL AB
TAO TAG OIL LTD
TAL PETROTAL (TAL)
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
IVZ INVICTUS ENERGY
UKOG UK OIL & GAS PLC
Heisenberg Discovery Delineated by Appraisal Well, Sidetrack
Heisenberg Discovery Delineated by Appraisal Well, Sidetrack Oslo, 21 March 2024 – DNO ASA, the Norwegian oil and gas operator, today announced completion of an appraisal well and sidetrack that further delineated the 2023 Heisenberg oil and gas discovery in Norwegian North Sea license PL827SB. Heisenberg, a new shallow play in the northern part of the Norwegian North Sea, is now estimated to hold recoverable volumes in the range of 24 to 56 million barrels of oil equivalent (MMboe) (mean of 37 MMboe). Oil-bearing sands were encountered in a deeper secondary target, Hummer. The license par...
- Steffen Evjen
NCS production figures in line
Preliminary NOD (Norwegian Offshore Directorate) production figures for the NCS in February revealed gas production of 358mcm/d, slightly below NOD’s forecast. Liquids production was ~2% above NOD’s forecast at 2,064kboed. Total NCS production was down 3.2% MOM and up 1.6% YOY. On a company level, for January, Aker BP production was slightly weaker MOM, mainly due to reduced production at Johan Sverdrup (due to maintenance work), while Vår Energi saw production up 2% MOM, due to increased produc...
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
Our key takeaways from this week are: 1) Vår Energi providing more granularity at its CMU on how it plans to maintain production at 350–400kboed towards 2030; 2) highlighting a broad fair value range of NOK200–375 on Equinor (this week we reiterated our HOLD); and 3) our Q4 survey of the US shale universe, showing guided 2024 production growth YOY of just ~4% (down from 8% in 2023) following operating cash flow overspend in 2023.
DNO Releases 2023 Annual Report and Accounts
DNO Releases 2023 Annual Report and Accounts Oslo, 14 March 2024 – DNO ASA, the Norwegian oil and gas operator, today released its 2023 Annual Report and Accounts together with its Annual Statement of Reserves and Resources, Corporate Social Responsibility Report and Remuneration Report. The reports are attached as downloadable files and also available on the Company's website – 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 Sto...
Mandatory Notification of Trade
Mandatory Notification of Trade Please refer to the attached forms of notification of transaction 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
US shale: Overspend stalls growth
Our Q4 survey of the US shale universe suggests muted YOY production growth of only ~4% for 2024 (compared to 8% YOY growth for 2023), mainly concentrated around the most prominent Permian names, with most other companies guiding for limited production growth. Despite a deflationary environment for costs, most companies continue to plan for flat activity, with productivity gains remaining the primary driver for production growth. We believe the lack of ambition to grow production meaningfully at...
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