reports
- 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
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...
- Steffen Evjen
- 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
- Steffen Evjen
NCS February production in line
The Norwegian Offshore Directorate’s (NOD) preliminary NCS figures for February showed liquids production of 1,938kboed (in line with its forecast) and gas production of 355mcm/d (3.8% above its estimate). Overall production was 4.17mmboed, flat MOM (1.8% above its forecast), but down 2.4% YOY. Company-wise, Aker BP reported solid production in January, while Equinor, Vår Energi, OKEA and DNO all reported production down MOM.
- Steffen Evjen
DNO Completes USD 600 Million Bond Placement
DNO Completes USD 600 Million Bond Placement 14 March 2025 – DNO ASA, the Norwegian oil and gas operator, today completed the private placement of USD 600 million of new five-year senior unsecured bonds with a coupon rate of 8.5 percent. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed. “With this issue, we extend our flawless record to 20 successful bond placements over the past 24 years, with no waivers, no amendments and certainly no defaults,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “The enthusi...
- Steffen Evjen
Weekly news, topics & discussion
This week, BlueNord cut its Q1 production guidance by ~25% due to a breaker failure at Tyra, implying a 5% hit to 2025 guidance and likely delaying the first dividend from March to May. Following DNO’s Sval Energi acquisition, we upgraded OKEA to BUY (HOLD) and raised our target price to NOK23 (20). We believe historical NCS transaction multiples provide valuation support for OKEA. Meanwhile, the sector is down 10–20% since Brent peaked at USD82/bbl in mid-January, with scarce oil macro support ...
Mandatory Notification of Trade
Mandatory Notification of Trade Please refer to the attached forms of notification of settlement of synthetic shares by certain primary insiders under the DNO ASA Employee Synthetic Share Program which vested on 11 March 2025 under the terms of the Program. These synthetic shares were awarded as a component of annual bonuses to Executive Management in March 2023 with a two-year vesting period. This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3. Attachments ...
DNO to Hold Fixed Income Investor Meetings
DNO to Hold Fixed Income Investor Meetings 11 March 2025 – DNO ASA, the Norwegian oil and gas operator, today announced it has engaged DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS as Global Coordinators and Joint Bookrunners, to arrange fixed income investor meetings. Clarksons Securities AS, Fearnley Securities AS and SpareBank 1 Markets AS have been retained as Co-Lead Managers. Subject to inter alia market conditions and acceptable terms, a new senior unsecured bond issue with a tenor of five years may follow. The contemplated bond will materially have the same terms as ...
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- Steffen Evjen
- 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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