Peshkabir could be the next big thing

DNO is set to report Q2 results on 24 August, and we are roughly in line with consensus. Key to the investment case is for management to unlock the value in the KRG receivables, and to continue to prove up the Peshkabir volumes with a solid development plan. We maintain our BUY recommendation but have cut our target price to NOK11.3 (12.0) having cut our Brent oil price forecasts to USD54/bbl (57) for 2017, USD61/bbl (70) for 2018, and USD68/bbl (70) for 2019. We estimate USD80/bbl for 2020 and ...