View ValuationDNO 将来の成長Future 基準チェック /46DNO利益と収益がそれぞれ年間44.2%と3.3%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に24.7% 45%なると予測されています。主要情報44.2%収益成長率44.96%EPS成長率Oil and Gas 収益成長44.8%収益成長率3.3%将来の株主資本利益率24.70%アナリストカバレッジLow最終更新日07 May 2026今後の成長に関する最新情報お知らせ • Dec 09Trym Reboot Boosts North Sea OutputDNO ASA announced that its operated Trym field in the Norwegian North Sea license PL147 (DNO 50 %) is back on production after a five-year shutdown during which TotalEnergies redeveloped the Tyra field infrastructure in the Danish North Sea to which Trym is tied back. First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO. Available capacity at the Trym subsea template represents further opportunities. The Company is currently assessing a development of the 2013 Trym Sør discovery containing recoverable resources of around two MMboe net to DNO, possibly adding production from early 2027. In addition, DNO has identified nearby exploration prospects that may be drilled from the Trym subsea template, potentially extending its lifetime.お知らせ • Apr 04DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential FloodingDNO ASA announced that production and field operations at its operated Tawke license (DNO 75%) 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 temporarily shut in its Tawke field for safety reasons while maintaining uninterrupted operations at the less exposed Peshkabir field, also within the Tawke license. Gross license production dropped from above 80,000 barrels per day (bopd) to an average of 65,000 during a 10-day period but was restored to its pre-flooding level on 30 March 2024 as DNO worked to minimize flooding exposure, inspect damage and take remedial actions including installing additional truck loading facilities. Given shortages of heavier crudes in regional markets, DNO negotiated with its customers to nudge Tawke/Peshkabir prices to the mid-USD 30 per barrel level. DNO share of sales continue to be paid directly to the Company in advance of loadings and have averaged in excess of USD 25 million per month in 2024. No DNO employees were hurt though several substantial pieces of equipment weighing tons were washed away and have yet to be located. Notwithstanding major damage in the town of Zakho, neighboring the Tawke field, the 2,000 year-old Roman-era arched bridge, a popular tourist attraction, survived intact. The Company provided relief to the local community by supplying home appliances, including refrigerators, to families most impacted by the flooding. Workovers and other field work at Tawke and Peshkabir have quickly resumed, whilst the Company’s Board of Directors has given the nod to plan for new investments to maintain and then begin to bolster production. Elsewhere in Kurdistan, DNO resumed drilling with the latest well (B-3) at the operated Baeshiqa license (DNO 64%) spud on 21 February 2024. The well has reached 1,850 meters or nearly one-half of the target depth.お知らせ • Oct 16DNO ASA Reopens Production At Tawke PSCDNO ASA announced that production was shutdown following the closure of the Iraq-Türkiye pipeline on 25 March 2023. The Tawke field was reopened on 18 July and production has since ramped up, with the contractor share of crude oil from the field during the quarter sold to local buyers with payments received directly in advance. No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.お知らせ • Aug 18DNO ASA Announces Update on Tawke PSCDNO ASA has issued an update on licence activity. Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at the Tawke field and is currently selling its entitlement share of oil production to local trading companies. DNO restarted partial oil production from the Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil. Tawke output is currently averaging around 40,000 bopd, of which one-half is delivered to the Kurdistan Regional Government as its entitlement and the balance is sold to local trading companies.すべての更新を表示Recent updatesお知らせ • Apr 08DNO Asa Announces Symra Field Start-Up Offshore NorwayDNO ASA announced the start-up of the Symra field offshore Norway nine months ahead of schedule. DNO has a 20 percent stake in the field, which is operated by Aker BP ASA (50 percent), with Equinor Energy AS holding the balance. Symra holds estimated gross reserves of 60 million barrels of oil equivalent and is expected to deliver 4,000–5,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. The partnership sees significant additional resource potential that may be realized through further drilling. The development includes four wells tied back via a subsea template to the Aker BP-operated Ivar Aasen platform, in which DNO holds a 12.3 percent interest. The field breaks new ground as the first on the Norwegian Continental Shelf to produce from the Zechstein carbonate reservoir type. In 2024, DNO’s North Sea production averaged 15,200 boepd, rising to 81,100 boepd on a pro-forma basis in 2025, including the full-year contribution from assets acquired during the year. The Company expects its North Sea output to reach 90,000 boepd by 2027 and 100,000 boepd by 2030. With Symra now online, four DNO subsea fields have started production in Norway over the past 12 months, and three more are currently under development. The Company also has four discoveries moving toward final investment decisions in 2026, including a fast-track project to develop its 2025 Kjøttkake discovery (40 %).お知らせ • Feb 06DNO ASA Approves Dividend, Payable on or About 25 February 2026The Board of Directors of DNO ASA has approved a dividend payment of NOK 0.375 per share to be made on or about 25 February 2026 to all shareholders of record as of 16 February 2026. DNO shares will be traded ex-dividend as of 13 February 2026.お知らせ • Nov 27DNO ASA, Annual General Meeting, Jun 04, 2026DNO ASA, Annual General Meeting, Jun 04, 2026.お知らせ • Nov 26+ 4 more updatesDNO ASA to Report First Half, 2026 Results on Aug 13, 2026DNO ASA announced that they will report first half, 2026 results on Aug 13, 2026お知らせ • Nov 20+ 1 more updateORLEN Upstream Norway AS agreed to acquire 7.60% stake in Ekofisk Previously Produced Fields (PPF) project in license PL018B and PL018F in Norway from DNO ASA (OB:DNO).ORLEN Upstream Norway AS agreed to acquire 7.60% stake in Ekofisk Previously Produced Fields (PPF) project in license PL018B and PL018F in Norway from DNO ASA (OB:DNO) on November 18, 2025. A cash consideration will be paid by ORLEN Upstream Norway AS. In related transaction, DNO also announced the acquisition from Orlen of a 20% interest in license PL1135, which contains the Cassio prospect, as well as a 0.8272 percent interest in the Verdande field. DNO will retain its 7.604 percent in PL018 containing the producing fields Ekofisk, Eldfisk and Embla as well as a share in the Tor Unit. The transaction is subject to approval by regulatory board / committee.お知らせ • Nov 07DNA ASA Proposes Dividend, Payable on or About 24 November 2025DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 5 June 2025, the Board of Directors has approved a dividend payment of NOK 0.375 per share to be made on or about 24 November 2025 to all shareholders of record as of 14 November 2025. DNO shares will be traded ex-dividend as of 13 November 2025.Date of approval: 5 November 2025.お知らせ • Sep 24DNO ASA Announces Chief Financial Officer ChangesDNO ASA announced that Birgitte Wendelbo Johansen has been appointed Chief Financial Officer effective 1 November 2025, replacing Haakon Sandborg who is stepping down following 24 years in the role. Ms. Johansen joins DNO from Reach Subsea ASA, an Oslo Børs listed oil services company, where she served as Chief Financial Officer since 2012. Prior to this, she had a successful career in banking, specializing in shipping and energy. Mr. Sandborg joined DNO from corporate finance roles at DNB and the Aker oil services group and is DNO’s longest serving staffer. Mr. Sandborg will remain at the Company in a senior advisory role until the end of the year.お知らせ • Aug 21DNO ASA Approves Quarterly Cash Dividend, Payable on or About 8 September 2025DNO ASA approved quarterly cash dividend payment of NOK 0.375 per share to be made on or about 8 September 2025 to all shareholders of record as of 29 August 2025. DNO shares will be traded ex-dividend as of 28 August 2025.お知らせ • Jun 12DNO ASA (OB:DNO) completed the acquisition of Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others.DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion on March 7, 2025. The cash consideration of $450 million based on an enterprise value of $1.6 billion. The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the Company’s position as a leading listed European independent oil and gas company. The acquisition will be financed with existing cash and other debt financing facilities available to DNO. At year end 2024, DNO ASA held USD 900 million in cash and a further USD 100 million liquidity under its reserve-based lending (RBL) facility. Additional funding sources include new bond and RBL debt as well as offtake-based financing. The Company will set in place the optimal capital structure prior to completion. The effective date of the transaction is January 1, 2025, with expected completion mid-year 2025, subject to customary regulatory approvals from the Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition authorities. Pareto Securities is acting as financial advisor to DNO and Advokatfirmaet Thommessen as legal counsel. Jefferies acted as financial advisor to Sval Energi and Hitecvision in the transaction. DNO ASA (OB:DNO) completed the acquisition of Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others on June 12, 2025. The transaction was financed through the issuance of USD 400 million in hybrid bonds.お知らせ • Jun 05DNO ASA Approves Board AppointmentsDNO ASA at its AGM held on June 05, 2025, approved election of Grethe Kristin Moen and Ferris J. Hussein as board members of the company.お知らせ • Mar 26DNO ASA Announces Oil and Gas Discovery in Northern North Sea License Pl1182 SDNO ASA announced an important oil and gas discovery in Northern North Sea license PL1182 S in which the Company holds a 40% 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 Kjottkake exploration well encountered a 41-meter oil column and a 9-meter gas column. A sidetrack drilled vertically 1,350 meters westwards along the reservoir in the Sotra Formation confirmed the presence of the oil column throughout the discovery. Located 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjoa platform, Kjottkake is DNO's tenth discovery since 2021 in the Troll-Gjoa exploration and development hotspot, following Rover Nord, Kveikje, Ofelia, Rover Sor, Heisenberg, Carmen, Kyrre, Cuvette and Ringand. The Company has also racked up discoveries in other parts of the Norwegian Continental Shelf, including Norma (2023) and Othello (2024), both play-opening finds and both operated by DNO. Partners in license PL1182 S include Aker BP ASA (30%, Concedo AS (15%) and Japex Norge AS (15%). The wells were drilled using the Deepsea Yantai rig. Following its exploration success, the Company has stepped up purchases of producing assets to balance its Norwegian portfolio and help fund coming developments. In early March, DNO announced the transformative acquisition of Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources from 144 million boe to 246 million boe (pro forma figures as of yearend 2024). The acquisition, which is expected to close by mid-year, will turn the North Sea into the biggest contributor to Company's net production with some 60% of the total, with the balance coming predominantly from two operated fields, Tawke and Peshkabir, in the Kurdistan region of Iraq.お知らせ • Mar 07DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion.DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion on March 7, 2025. The cash consideration of $450 million based on an enterprise value of $1.6 billion. The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the Company’s position as a leading listed European independent oil and gas company. The acquisition will be financed from existing liquidity including available credit facilities. The Company will set in place the optimal capital structure prior to completion. The effective date of the transaction is January 1, 2025, with expected completion mid-year 2025, subject to customary regulatory approvals from the Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition authorities. Pareto Securities is acting as financial advisor to DNO and Advokatfirmaet Thommessen as legal counsel.お知らせ • Feb 06DNO ASA Approves Cash Dividend, Payable on or About 21 February 2025DNO ASA has approved a cash dividend payment of NOK 0.3125 per share to be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025. The shares will be traded ex-dividend as of 13 February 2025. Date of approval: 5 February 2025, based on authorization granted 6 June 2024.お知らせ • Dec 09Trym Reboot Boosts North Sea OutputDNO ASA announced that its operated Trym field in the Norwegian North Sea license PL147 (DNO 50 %) is back on production after a five-year shutdown during which TotalEnergies redeveloped the Tyra field infrastructure in the Danish North Sea to which Trym is tied back. First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO. Available capacity at the Trym subsea template represents further opportunities. The Company is currently assessing a development of the 2013 Trym Sør discovery containing recoverable resources of around two MMboe net to DNO, possibly adding production from early 2027. In addition, DNO has identified nearby exploration prospects that may be drilled from the Trym subsea template, potentially extending its lifetime.お知らせ • Dec 04+ 5 more updatesDNO ASA to Report Fiscal Year 2024 Results on Apr 03, 2025DNO ASA announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Apr 03, 2025New Risk • Nov 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 136% Cash payout ratio: 120% Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results.Declared Dividend • Nov 10Third quarter dividend of kr0.31 announcedShareholders will receive a dividend of kr0.31. Ex-date: 14th November 2024 Payment date: 22nd November 2024 Dividend yield will be 43%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Nov 08Third quarter 2024 earnings released: EPS: US$0.021 (vs US$0.056 loss in 3Q 2023)Third quarter 2024 results: EPS: US$0.021 (up from US$0.056 loss in 3Q 2023). Revenue: US$170.5m (up 21% from 3Q 2023). Net income: US$20.0m (up US$74.5m from 3Q 2023). Profit margin: 12% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.お知らせ • Nov 07DNO Asa Approves Dividend, Payable on or About 22 November 2024DNO ASA has approved a dividend payment of NOK 0.3125 per share to be made on or about 22 November 2024 to all shareholders of record as of 15 November 2024. DNO shares will be traded ex-dividend as of 14 November 2024.New Risk • Aug 19New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 96x earnings per share. Cash payout ratio: 120% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin).Declared Dividend • Aug 18Second quarter dividend of kr0.31 announcedShareholders will receive a dividend of kr0.31. Ex-date: 22nd August 2024 Payment date: 30th August 2024 Dividend yield will be 38%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 50x earnings). However, it is covered by cash flows (66% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5,471% to bring the payout ratio under control. EPS is expected to grow by 65% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Reported Earnings • Aug 16Second quarter 2024 earnings released: EPS: US$0.035 (vs US$0.019 loss in 2Q 2023)Second quarter 2024 results: EPS: US$0.035 (up from US$0.019 loss in 2Q 2023). Revenue: US$137.0m (up 135% from 2Q 2023). Net income: US$34.5m (up US$53.0m from 2Q 2023). Profit margin: 25% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.お知らせ • Aug 15DNO ASA Approves Dividend, Payable on or About 30 August 2024DNO ASA at the Annual General Meeting held on 6 June 2024, the Board of Directors has approved a dividend payment of NOK 0.3125 per share to be made on or about 30 August 2024 to all shareholders of record as of 23 August 2024. DNO shares will be traded ex-dividend as of 22 August 2024.Board Change • Jul 05Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Jun 20DNO ASA Racks Up Discoveries in Its Offshore Norway Core AreaDNO ASA announced a gas condensate discovery on the Cuvette prospect in the Norwegian North Sea licenses PL248F and PL248GS in which the Company's wholly-owned subsidiary DNO Norge AS holds a 20% interest. Preliminary evaluation of the discovery indicates gross recoverable resources in the range of 16-38 million barrels of oil equivalent (MMboe) with a mean of 25 MMboe, well above predrill estimates. Just over half of the resources were encountered in the Middle Jurassic primary target, and the balance in the Upper Jurassic secondary target. Cuvette is DNO's eighth discovery in the highly prolific area surrounding the Troll and Gjoa production hubs since 2021. The other discoveries are Rover Nord, Kveikje, Ofelia, Rover Sor, Heisenberg, Carmen and Kyrre, all close to infrastructure and with clear routes towards commercialization. Wintershall Dea Norge AS operates licenses PL248F and PL 248GS as well as the nearby Vega field tied back to Gjoa. Another partner in the licenses, Petoro AS, similarly holds a stake in Vega. One of Vega's three subsea templates, Vega Central, is located only three kilometers to the north of the new discovery well. The partners will consider fast-track production of Middle Jurassic volumes through the Vega Central template. Another option is a joint development with three nearby discoveries made in 2015-2016 (Syrah, Orion, Beaujolais; totaling some 15 MMboe gross), in which DNO also holds a 20% interest. Following the successful appraisal of Heisenberg early in the year, Cuvette was the second well in DNO's 2024 North Sea exploration program. Five wells remain to be drilled, of which four are also in the Troll-Gjoa area. In 2023, the Company was the third most active exploration driller on the Norwegian Continental Shelf in number of wells drilled and ranked second in discovered volumes with an estimated 100 MMboe net to DNO. Having prioritized near-inf infrastructure exploration, DNO has been an early mover in acquiring substantial acreage positions in selected areas which have since become hotspots.お知らせ • May 09DNO ASA Approves Dividend, Payable on or About 28 May 2024DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, has approved a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024 to all shareholders of record as of 21 May 2024. DNO shares will be traded ex-dividend as of 16 May 2024.お知らせ • Apr 04DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential FloodingDNO ASA announced that production and field operations at its operated Tawke license (DNO 75%) 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 temporarily shut in its Tawke field for safety reasons while maintaining uninterrupted operations at the less exposed Peshkabir field, also within the Tawke license. Gross license production dropped from above 80,000 barrels per day (bopd) to an average of 65,000 during a 10-day period but was restored to its pre-flooding level on 30 March 2024 as DNO worked to minimize flooding exposure, inspect damage and take remedial actions including installing additional truck loading facilities. Given shortages of heavier crudes in regional markets, DNO negotiated with its customers to nudge Tawke/Peshkabir prices to the mid-USD 30 per barrel level. DNO share of sales continue to be paid directly to the Company in advance of loadings and have averaged in excess of USD 25 million per month in 2024. No DNO employees were hurt though several substantial pieces of equipment weighing tons were washed away and have yet to be located. Notwithstanding major damage in the town of Zakho, neighboring the Tawke field, the 2,000 year-old Roman-era arched bridge, a popular tourist attraction, survived intact. The Company provided relief to the local community by supplying home appliances, including refrigerators, to families most impacted by the flooding. Workovers and other field work at Tawke and Peshkabir have quickly resumed, whilst the Company’s Board of Directors has given the nod to plan for new investments to maintain and then begin to bolster production. Elsewhere in Kurdistan, DNO resumed drilling with the latest well (B-3) at the operated Baeshiqa license (DNO 64%) spud on 21 February 2024. The well has reached 1,850 meters or nearly one-half of the target depth.お知らせ • Mar 23DNO ASA Announces Completion of an Appraisal Well and SidetrackDNO ASA 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 partnership, which in addition to DNO Norge AS (49 percent) includes operator Equinor Energy AS, is planning a well in the second quarter of this year to explore an additional deep prospect, Angel, while delineating Heisenberg towards the west. Surrounded by major North Sea hubs Troll B, Kvitebjørn and Gjøa (the first two operated by Equinor), Heisenberg lies within tieback range of these hosts. Studies are underway for fast-track development of Heisenberg in coordination with a string of recent discoveries in this area in which DNO has a significant presence, including in last year’s Carmen discovery (30%).Reported Earnings • Mar 17Full year 2023 earnings released: EPS: US$0.019 (vs US$0.39 in FY 2022)Full year 2023 results: EPS: US$0.019 (down from US$0.39 in FY 2022). Revenue: US$667.5m (down 52% from FY 2022). Net income: US$18.6m (down 95% from FY 2022). Profit margin: 2.8% (down from 28% in FY 2022). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 17.9 MMboe (34.3 MMboe in FY 2022) Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Declared Dividend • Feb 12Fourth quarter dividend of kr0.25 announcedShareholders will receive a dividend of kr0.25. Ex-date: 15th February 2024 Payment date: 26th February 2024 Dividend yield will be 39%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 477% to bring the payout ratio under control. EPS is expected to grow by 69% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Reported Earnings • Feb 11Full year 2023 earnings released: EPS: US$0.019 (vs US$0.39 in FY 2022)Full year 2023 results: EPS: US$0.019 (down from US$0.39 in FY 2022). Revenue: US$667.5m (down 52% from FY 2022). Net income: US$18.6m (down 95% from FY 2022). Profit margin: 2.8% (down from 28% in FY 2022). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 17.9 MMboe (34.3 MMboe in FY 2022) Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 08DNO ASA Approves Dividend, Payable on or About 26 February 2024DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 26 February 2024 to all shareholders of record as of 16 February 2024. DNO shares will be traded ex- dividend as of 15 February 2024. Date of approval: 7 February 2024, based on authorization granted 25 May 2023.Board Change • Jan 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Dec 21+ 5 more updatesDNO ASA to Report Q4, 2023 Results on Feb 08, 2024DNO ASA announced that they will report Q4, 2023 results on Feb 08, 2024お知らせ • Dec 13DNO ASA Announces Successful Completion of the Second Appraisal Well on the Bergknapp/re Discovery in License PL836S in the Norwegian SeaDNO ASA announced successful completion of the second appraisal well on the Bergknapp/Åre discoveries in license PL836S in the Norwegian Sea. Recoverable volumes are currently estimated by the operator to range between 50 and 100 million barrels of oil equivalent (MMboe). Bergknapp/Åre are located eight kilometers west of the Wintershall Dea Norge AS operated Maria field, which is tied back to Equinor Energy AS' Kristin platform. Wintershall Dea holds a 40% in license PL836S as operator, with DNO Norge AS and Equinor each holding a 30% interest. DNO will now work expeditiously with the other licensees to fast track development utilizing the existing infrastructure in the area. The Bergknapp light oil discovery in the Garn, Ile and Tilje formations (44-75 MMboe) was made in 2020 and subsequently appraised by re-entering and sidetracking the discovery well in 2021. The sidetrack well also extended into the deeper Åre formation, where additional volumes of light oil, gas and condensate were discovered (6-25 MMboe). DNO's 2023 North Sea exploration and appraisal program has led to four successful exploration discoveries (Rver, Heisenberg, Carmen and Norma), two successful appraisal wells (of which one with a sidetrack that has led to a new discovery in the same license (Ofelia/Kyrre)) and two dry holes.お知らせ • Dec 12DNO Announces Successful Ofelia Appraisal and New Kyrre DiscoveryDNO ASA announced completion of appraisal/side track wells that both confirmed the 2022 Ofelia oil and gas discovery and led to a new gas discovery in the overlying Kyrre formation in license PL929 in the Norwegian North Sea. Combined recoverable volumes are estimated by the operator to range between 27 and 52 million barrels of oil equivalent (MMboe). Ofelia/Kyrre is a candidate for a fast track, low cost development tie-back to the Gja platform located 23 kilometers to the south. Gja is operated by Neptune Energy Norge AS, which is also operator of license PL929 with a 40% interest. Other partners include Wintershall Dea Norge AS (20%), Pandion Energy AS (20 percent), DNO Norge AS (10%) and Aker BP ASA (10%). As one of the acreage holders in the prospective Troll-Gja area, DNO has already participated in six discoveries in this area with combined recoverable resources totaling 100 MMboe net to DNO since 2021. The Company plans to continue its extensive exploration and appraisal activity in Troll-Gja area in 2024.お知らせ • Nov 10DNO ASA Approves Dividend, Payable on or About 24 November 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 24 November 2023 to all shareholders of record as of 17 November 2023. DNO shares will be traded ex- dividend as of 16 November 2023. Date of approval: 8 November 2023, based on authorization granted 25 May 2023.お知らせ • Oct 16DNO ASA Reopens Production At Tawke PSCDNO ASA announced that production was shutdown following the closure of the Iraq-Türkiye pipeline on 25 March 2023. The Tawke field was reopened on 18 July and production has since ramped up, with the contractor share of crude oil from the field during the quarter sold to local buyers with payments received directly in advance. No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.お知らせ • Sep 19DNO Makes Play-Opening Discovery at NormaDNO ASA announced a gas condensate discovery on the Norma prospect in the Norwegian North Sea license PL984 in which the Company holds a 30% operated interest. Preliminary evaluation of the discovery indicates gross recoverable resources in the range of 25-130 million barrels of oil equivalent (MMboe) on a P90-P10 basis, with a mean of 70 MMboe, in a Jurassic reservoir zone with high quality sandstones. Located 20 kilometers northwest of the Balder hub and 30 kilometers south of the Alvheim hub, Norma is situated in an area with extensive infrastructure in the central part of the North Sea, with tie-back options offering potential routes to commercialization. Also within the same license, DNO has identified additional exploration prospects that have been considerably de-risked by the Norma results. Drilled to a vertical depth of 4,800 meters with the Deepsea Yantai drilling rig, Norma is DNO’s first operated high-pressure high-temperature exploration well. At 4,650 meters, the discovery well encountered a 16-meter hydrocarbon column in a 20-meter gross reservoir section in Jurassic sandstones. Several gas condensate samples were collected in the reservoir. In addition, a water sample was acquired. A bypass core of 33.7 meters was secured and an extensive data and sampling program conducted. This discovery is considered a play-opener for the deep turbiditic sands in this area given the exceptionally good reservoir quality encountered. Plans are underway to further delineate the discovery and the upside potential in the license. Before further appraisal drilling, improved seismic imaging and remapping will be undertaken to identify an optimal location for the next well. Even with the additional extensive data collection protocols, the Norma well is expected to be finished 15 days ahead of plan and at a cost eight percent below budget. Plug and abandonment operations have commenced this week. DNO was awarded an interest in PL984 in 2019 through its wholly-owned subsidiary DNO Norge AS. The other partners in the license are Source Energy AS, Equinor Energy AS, Vår Energi ASA (20% each) and Aker BP ASA (10%).お知らせ • Sep 08DNO ASA Announces Managing Director ChangesDNO ASA announced that Christopher Spencer has been appointed Managing Director of the Company as Bjørn Dale steps down as part of a planned management transition initiated last year. Mr. Spencer has been DNO’s Chief Operating Officer since 2021. Before joining DNO six years ago, he served as chief executive of Rocksource ASA and in various commercial and technical roles at Royal Dutch Shell and BP. He is a Chartered Engineer with the Institution of Chemical Engineers in the United Kingdom.Mr. Dale joined DNO in 2011 as a corporate lawyer prior to his appointments as General Counsel and Managing Director. He will continue to advise the Company on legal and commercial matters for a period of six months following Mr. Spencer’s appointment effective 8 September 2023.お知らせ • Aug 18DNO ASA Announces Update on Tawke PSCDNO ASA has issued an update on licence activity. Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at the Tawke field and is currently selling its entitlement share of oil production to local trading companies. DNO restarted partial oil production from the Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil. Tawke output is currently averaging around 40,000 bopd, of which one-half is delivered to the Kurdistan Regional Government as its entitlement and the balance is sold to local trading companies.Reported Earnings • Aug 18Second quarter 2023 earnings released: US$0.019 loss per share (vs US$0.074 profit in 2Q 2022)Second quarter 2023 results: US$0.019 loss per share (down from US$0.074 profit in 2Q 2022). Revenue: US$58.3m (down 84% from 2Q 2022). Net loss: US$18.5m (down 126% from profit in 2Q 2022). Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 17DNO ASA Approves Dividend Payment, o Be Made on or About 1 September 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 1 September 2023 to all shareholders of record as of 25 August 2023. DNO shares will be traded ex-dividend as of 24 August 2023.お知らせ • Jul 12DNO ASA Announces Gas and Condensate Discovery on the Carmen Prospect in the Norwegian North Sea License PL1148DNO ASA announced a significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea license PL1148 in which the Company holds a 30% interest. Preliminary evaluation of comprehensive data, including cores and fluid samples, acquired from the discovery well and a follow-on extended sidetrack indicates gross recoverable resources in the range of 120-230 million barrels of oil equivalent (MMboe) on a P90-P10 basis. At 175 MMboe, the mid-point of this range, Carmen ranks as the largest discovery on the Norwegian Continental Shelf since 2013. The two wells have established a deeper hydrocarbon-water contact, tripling the mid-point of DNO's pre-drill expected range. Carmen is DNO's sixth discovery in the Troll-Gjoa area since 2021 and is located close to existing infrastructure with clear routes towards commercialization. The other discoveries are Rover Nord, Kveikje, Ofelia, Rover Sor and Heisenberg. DNO farmed into PL1148 in 2022 through its wholly-owned subsidiary DNO Norge AS. The other partners in the license are Wellesley Petroleum as operator with 50% interest and Equinor Energy AS and Aker BP AS with 10% each.Board Change • Jun 01Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • May 26DNO ASA Approves Executive ChangesDNO ASA at the AGM held on May 25, 2023, announced Najmedin Meshkati was elected as a new Board member. The Board accordingly consists of the following members: Bijan Mossavar-Rahmani (Executive Chairman). Gunnar Hirsti (Deputy Chairman). Elin Karfjell (Board member). Anita Maria Hjerkinn Aarnæs (Board member). Najmedin Meshkati (Board member). In accordance with the Nomination Committee's recommendation, Ferris J. Hussein was elected as a new member of the Nomination Committee in replacement of Lars Arne Takla, with an election period from the Annual General Meeting in 2023 to the Annual General Meeting in 2024. The Nomination Committee accordingly consists of the following members: Bijan Mossavar-Rahmani (Chairman). Kåre A. Tjønneland (member). Ferris J. Hussein (member).Upcoming Dividend • May 17Upcoming dividend of kr0.25 per share at 9.7% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 9.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.8%).Reported Earnings • May 12First quarter 2023 earnings released: EPS: US$0.088 (vs US$0.14 in 1Q 2022)First quarter 2023 results: EPS: US$0.088 (down from US$0.14 in 1Q 2022). Revenue: US$268.9m (down 21% from 1Q 2022). Net income: US$87.4m (down 38% from 1Q 2022). Profit margin: 33% (down from 41% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 9.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.お知らせ • May 11DNO ASA Approves Cash Dividend, Payable on or about June 2, 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2022, the Board of Directors has approved a cash dividend payment of NOK 0.25 per share to be made on or about 2 June 2023 to all shareholders of record as of 25 May 2023. DNO shares will be traded ex-dividend as of 24 May 2023.Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.06, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 184% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.26 per share.Buying Opportunity • Mar 27Now 30% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €1.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 92%. For the next 3 years, revenue is forecast to decline by 10% per annum. Earnings is also forecast to decline by 10% per annum over the same time period.Reported Earnings • Mar 18Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)Full year 2022 results: EPS: US$0.39 (up from US$0.21 in FY 2021). Revenue: US$1.38b (up 37% from FY 2021). Net income: US$384.9m (up 89% from FY 2021). Profit margin: 28% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Oil reserves Proven reserves: 91.5 MMbbls Combined production and costs Oil equivalent production: 34.3 MMboe (34.5 MMboe in FY 2021) Average production cost/Boe: US$6.50 (US$5.30/Boe in FY 2021) Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth.Reported Earnings • Feb 10Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)Full year 2022 results: EPS: US$0.39 (up from US$0.21 in FY 2021). Revenue: US$1.38b (up 37% from FY 2021). Net income: US$384.9m (up 89% from FY 2021). Profit margin: 28% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 09+ 1 more updateDNO ASA Confirms Oil and Gas Discovery on the Røver Sør Prospect in the Norwegian North Sea License PL923DNO ASA confirmed an oil and gas discovery on the Røver Sør prospect in the Norwegian North Sea license PL923 in which the Company holds a 20% interest. The discovery well and a follow-on appraisal sidetrack encountered hydrocarbons in three Jurassic Brent Group sandstone reservoirs (Ness, Etive and Oseberg formations). Preliminary estimates of gross recoverable resources are in the range of 17-47 million barrels of oil equivalent. The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include Equinor Energy AS (operator), Petoro AS and Wellesley Petroleum AS, consider the discovery to be commercial. Together with a string of recent discoveries in the area, Røver Sør may be tied back to the Equinor-operated Troll field about 10 kilometers to the east. Røver Sør is DNO’s fourth consecutive exploration success in the Troll-Gjøa area following the 2021 Røver Nord discovery within the same license and also the 2022 discoveries of Kveikje in PL293B (DNO 29%) and Ofelia in PL929 (DNO 10%). One of the largest acreage holders in the Troll-Gjøa area, the Company has scheduled five more exploration wells in this North Sea exploration hotspot during 2023. The next of these exploration wells, Heisenberg, will spud in license PL827S (DNO 49% with the remaining 51% held by Equinor as operator) later this month.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Nov 12+ 4 more updatesDNO ASA to Report First Half, 2023 Results on Aug 17, 2023DNO ASA announced that they will report first half, 2023 results on Aug 17, 2023Reported Earnings • Nov 04Third quarter 2022 earnings released: EPS: US$0.13 (vs US$0.032 in 3Q 2021)Third quarter 2022 results: EPS: US$0.13 (up from US$0.032 in 3Q 2021). Revenue: US$338.9m (up 34% from 3Q 2021). Net income: US$129.6m (up 319% from 3Q 2021). Profit margin: 38% (up from 12% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to fall by 9.8% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: US$0.074 (vs US$0.058 in 2Q 2021)Second quarter 2022 results: EPS: US$0.074 (up from US$0.058 in 2Q 2021). Revenue: US$360.6m (up 96% from 2Q 2021). Net income: US$72.3m (up 28% from 2Q 2021). Profit margin: 20% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.3%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year.Valuation Update With 7 Day Price Move • Aug 10Investor sentiment improved over the past weekAfter last week's 16% share price gain to €1.56, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 28% over the past three years.Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Elin Karfjell was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • Apr 11DNO ASA Confirms Oil and Gas Discovery on the Kveikje ProspectDNO ASA confirmed an oil and gas discovery on the Kveikje prospect in the Norwegian North Sea license PL293B Preliminary estimates of gross recoverable resources are in the range of 25-50 million barrels of oil equivalent, well above pre- drill estimates. In the primary exploration target, the well encountered a 23-meter oil column of which 19 meters were in Eocene sandstones of excellent reservoir quality. Also in Eocene sandstones, the well encountered a three-meter gas column. In addition, small amounts of hydrocarbons were discovered in two other formations, one in Eocene and one in Upper Cretaceous. The Kveikje discovery strengthens the Company's position in a core North Sea area near the giant Troll field and is a play-opener which de-risks prospects in nearby DNO licenses. In the same core area, on the back the 2021 Røver Nord discovery (DNO 20%), the Company will drill the Røver Sør exploration well, de-risked by Røver Nord in the same license, later this year. With this first discovery under its belt, in addition to Røver Sør, DNO has another five exploration wells scheduled in the North Sea this year including the highly anticipated Edinburgh prospect straddling the Norway-United Kingdom border (DNO 45%) currently drilling.Valuation Update With 7 Day Price Move • Mar 24Investor sentiment improved over the past weekAfter last week's 15% share price gain to €1.29, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.92 per share.Reported Earnings • Mar 19Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.21 (up from US$0.29 loss in FY 2020). Revenue: US$1.00b (up 63% from FY 2020). Net income: US$203.9m (up US$489.8m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Oil reserves Proven reserves: 90.4 MMbbls Combined production and costs Oil equivalent production: 34.5 MMboe (36.6 MMboe in FY 2020) Average production cost/Boe: US$5.30 (US$4.90/Boe in FY 2020) Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 14%, compared to a 42% growth forecast for the oil industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance.Buying Opportunity • Mar 15Now 26% undervaluedOver the last 90 days, the stock is up 17%. The fair value is estimated to be US$1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. The company has become profitable over the last year.Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improved over the past weekAfter last week's 26% share price gain to €1.33, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.60 per share.Reported Earnings • Feb 13Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.21 (up from US$0.29 loss in FY 2020). Revenue: US$1.00b (up 63% from FY 2020). Net income: US$203.9m (up US$489.8m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is expected to shrink by 1.5% compared to a 79% growth forecast for the oil industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance.お知らせ • Feb 12DNO ASA provides an Update on Tawke PSCDNO ASA expects the ramp up in drilling activities to maintain Tawke licence gross production at around 105,000 bopd during 2022.Buying Opportunity • Feb 09Now 20% undervaluedOver the last 90 days, the stock is up 1.6%. The fair value is estimated to be US$1.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% per annum over the last 3 years. The company has become profitable over the last year.お知らせ • Sep 29DNO ASA Updates North Sea DrillingDNO ASA reported an oil discovery on the Gomez prospect in its operated PL006C license offshore Norway. The exploration well encountered hydrocarbons in the primary target in the Våle Formation of Paleocene Age. The reservoir is a 23 meters thick, homogeneous sandstone of poor to moderate quality. A small amount of oil was recovered during logging. The oil/water contact was not encountered. Based on preliminary assessments, there is uncertainty whether the reservoir can be commercially produced and no estimate of recoverable volumes has been established at this stage. DNO holds a 65% interest in the PL006C license and together with its partner Aker BP (35%) will study the extensive data collected during the operation before deciding next steps.お知らせ • Aug 05DNO ASA (OB:DNO) completed the acquisition of additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM).DNO ASA (OB:DNO) agreed to acquire additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM) on February 11, 2021. DNO plans to continue an exploration and appraisal program on the license while fast tracking early production from existing wells in 2021. Post completion, DNO stake will increase from 32% to 64% in the Baeshiqa license in the Kurdistan region. The remaining partners in the license include TEC with a 20% interest and the Kurdistan Regional Government with a 20% interest. Transaction is subject to Government approval which is still pending. As of August 3, 2021, the transaction is approved by Kurdistan Regional Government. DNO ASA (OB:DNO) completed the acquisition of additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM) on August 3, 2021. Following the transaction DNO now hold 64%, Turkish Energy Group hold 16% and Kurdistan Regional Government hold 20% in Baeshiqa License in the Kurdistan Region. As of August 3, 2021, the transaction is approved by Kurdistan Regional Government.Reported Earnings • Jul 30Second quarter 2021 earnings released: EPS US$0.058 (vs US$0.065 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$184.3m (up 156% from 2Q 2020). Net income: US$56.7m (up US$120.3m from 2Q 2020). Profit margin: 31% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance.お知らせ • May 28DNO ASA Approves Dividends for the Year 2021 and for the Year 2022DNO ASA board proposal in the notice that the board be granted authorization to decide to distribute to shareholders a cash dividend of up to NOK 0.20 per share in 2021 and a cash dividend of up to NOK 0.20 per share in 2022.業績と収益の成長予測DB:NK1A - アナリストの将来予測と過去の財務データ ( )USD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/20282,5233773101,073412/31/20272,7314391601,083412/31/20262,8123894491,22123/31/20261,914-5194799N/A12/31/20251,474-48-20591N/A9/30/20251,169-102-21521N/A6/30/2025793-91-126297N/A3/31/2025672-47-22409N/A12/31/2024667-2741413N/A9/30/20246897592436N/A6/30/2024660174386N/A3/31/2024581-52-82182N/A12/31/202366819-89194N/A9/30/20238065735337N/A6/30/20231,004241221547N/A3/31/20231,307332549916N/A12/31/20221,3773856821,056N/A9/30/20221,4354077711,128N/A6/30/20221,3503096801,040N/A3/31/20221,174293605912N/A12/31/20211,004204453729N/A9/30/202178279417691N/A6/30/2021691-75317523N/A3/31/2021579-195212391N/A12/31/2020615-286181406N/A9/30/2020715-175-54185N/A6/30/2020779-14966386N/A3/31/2020973-1717400N/A12/31/201997174N/A372N/A9/30/20191,066253N/A483N/A6/30/20191,010413N/A399N/A3/31/2019891387N/A430N/A12/31/2018829354N/A471N/A9/30/2018577155N/A391N/A6/30/2018478554N/A303N/A3/31/2018413499N/A292N/A12/31/2017347495N/A337N/A9/30/2017274433N/A263N/A6/30/2017249-33N/A253N/A3/31/2017229-16N/A167N/A12/31/2016202-35N/A62N/A9/30/2016214-87N/A42N/A6/30/2016217-99N/A-8N/A3/31/2016211-143N/A-49N/A12/31/2015187-212N/A-74N/A9/30/2015213-381N/A-58N/A6/30/2015277-408N/A-11N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: NK1Aは今後 3 年間で収益性が向上すると予測されており、これは 貯蓄率 ( 1.9% ) よりも高い成長率であると考えられます。収益対市場: NK1A今後 3 年間で収益性が向上すると予想されており、これは市場平均を上回る成長と考えられます。高成長収益: NK1A今後 3 年以内に収益を上げることが予想されます。収益対市場: NK1Aの収益 ( 3.3% ) German市場 ( 6.8% ) よりも低い成長が予測されています。高い収益成長: NK1Aの収益 ( 3.3% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: NK1Aの 自己資本利益率 は、3年後には高くなると予測されています ( 24.7 %)成長企業の発掘7D1Y7D1Y7D1YEnergy 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 18:34終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋DNO ASA 4 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。21 アナリスト機関null nullABG Sundal CollierRafal GutajBofA Global ResearchCharlie SharpCanaccord Genuity18 その他のアナリストを表示
お知らせ • Dec 09Trym Reboot Boosts North Sea OutputDNO ASA announced that its operated Trym field in the Norwegian North Sea license PL147 (DNO 50 %) is back on production after a five-year shutdown during which TotalEnergies redeveloped the Tyra field infrastructure in the Danish North Sea to which Trym is tied back. First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO. Available capacity at the Trym subsea template represents further opportunities. The Company is currently assessing a development of the 2013 Trym Sør discovery containing recoverable resources of around two MMboe net to DNO, possibly adding production from early 2027. In addition, DNO has identified nearby exploration prospects that may be drilled from the Trym subsea template, potentially extending its lifetime.
お知らせ • Apr 04DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential FloodingDNO ASA announced that production and field operations at its operated Tawke license (DNO 75%) 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 temporarily shut in its Tawke field for safety reasons while maintaining uninterrupted operations at the less exposed Peshkabir field, also within the Tawke license. Gross license production dropped from above 80,000 barrels per day (bopd) to an average of 65,000 during a 10-day period but was restored to its pre-flooding level on 30 March 2024 as DNO worked to minimize flooding exposure, inspect damage and take remedial actions including installing additional truck loading facilities. Given shortages of heavier crudes in regional markets, DNO negotiated with its customers to nudge Tawke/Peshkabir prices to the mid-USD 30 per barrel level. DNO share of sales continue to be paid directly to the Company in advance of loadings and have averaged in excess of USD 25 million per month in 2024. No DNO employees were hurt though several substantial pieces of equipment weighing tons were washed away and have yet to be located. Notwithstanding major damage in the town of Zakho, neighboring the Tawke field, the 2,000 year-old Roman-era arched bridge, a popular tourist attraction, survived intact. The Company provided relief to the local community by supplying home appliances, including refrigerators, to families most impacted by the flooding. Workovers and other field work at Tawke and Peshkabir have quickly resumed, whilst the Company’s Board of Directors has given the nod to plan for new investments to maintain and then begin to bolster production. Elsewhere in Kurdistan, DNO resumed drilling with the latest well (B-3) at the operated Baeshiqa license (DNO 64%) spud on 21 February 2024. The well has reached 1,850 meters or nearly one-half of the target depth.
お知らせ • Oct 16DNO ASA Reopens Production At Tawke PSCDNO ASA announced that production was shutdown following the closure of the Iraq-Türkiye pipeline on 25 March 2023. The Tawke field was reopened on 18 July and production has since ramped up, with the contractor share of crude oil from the field during the quarter sold to local buyers with payments received directly in advance. No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.
お知らせ • Aug 18DNO ASA Announces Update on Tawke PSCDNO ASA has issued an update on licence activity. Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at the Tawke field and is currently selling its entitlement share of oil production to local trading companies. DNO restarted partial oil production from the Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil. Tawke output is currently averaging around 40,000 bopd, of which one-half is delivered to the Kurdistan Regional Government as its entitlement and the balance is sold to local trading companies.
お知らせ • Apr 08DNO Asa Announces Symra Field Start-Up Offshore NorwayDNO ASA announced the start-up of the Symra field offshore Norway nine months ahead of schedule. DNO has a 20 percent stake in the field, which is operated by Aker BP ASA (50 percent), with Equinor Energy AS holding the balance. Symra holds estimated gross reserves of 60 million barrels of oil equivalent and is expected to deliver 4,000–5,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. The partnership sees significant additional resource potential that may be realized through further drilling. The development includes four wells tied back via a subsea template to the Aker BP-operated Ivar Aasen platform, in which DNO holds a 12.3 percent interest. The field breaks new ground as the first on the Norwegian Continental Shelf to produce from the Zechstein carbonate reservoir type. In 2024, DNO’s North Sea production averaged 15,200 boepd, rising to 81,100 boepd on a pro-forma basis in 2025, including the full-year contribution from assets acquired during the year. The Company expects its North Sea output to reach 90,000 boepd by 2027 and 100,000 boepd by 2030. With Symra now online, four DNO subsea fields have started production in Norway over the past 12 months, and three more are currently under development. The Company also has four discoveries moving toward final investment decisions in 2026, including a fast-track project to develop its 2025 Kjøttkake discovery (40 %).
お知らせ • Feb 06DNO ASA Approves Dividend, Payable on or About 25 February 2026The Board of Directors of DNO ASA has approved a dividend payment of NOK 0.375 per share to be made on or about 25 February 2026 to all shareholders of record as of 16 February 2026. DNO shares will be traded ex-dividend as of 13 February 2026.
お知らせ • Nov 27DNO ASA, Annual General Meeting, Jun 04, 2026DNO ASA, Annual General Meeting, Jun 04, 2026.
お知らせ • Nov 26+ 4 more updatesDNO ASA to Report First Half, 2026 Results on Aug 13, 2026DNO ASA announced that they will report first half, 2026 results on Aug 13, 2026
お知らせ • Nov 20+ 1 more updateORLEN Upstream Norway AS agreed to acquire 7.60% stake in Ekofisk Previously Produced Fields (PPF) project in license PL018B and PL018F in Norway from DNO ASA (OB:DNO).ORLEN Upstream Norway AS agreed to acquire 7.60% stake in Ekofisk Previously Produced Fields (PPF) project in license PL018B and PL018F in Norway from DNO ASA (OB:DNO) on November 18, 2025. A cash consideration will be paid by ORLEN Upstream Norway AS. In related transaction, DNO also announced the acquisition from Orlen of a 20% interest in license PL1135, which contains the Cassio prospect, as well as a 0.8272 percent interest in the Verdande field. DNO will retain its 7.604 percent in PL018 containing the producing fields Ekofisk, Eldfisk and Embla as well as a share in the Tor Unit. The transaction is subject to approval by regulatory board / committee.
お知らせ • Nov 07DNA ASA Proposes Dividend, Payable on or About 24 November 2025DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 5 June 2025, the Board of Directors has approved a dividend payment of NOK 0.375 per share to be made on or about 24 November 2025 to all shareholders of record as of 14 November 2025. DNO shares will be traded ex-dividend as of 13 November 2025.Date of approval: 5 November 2025.
お知らせ • Sep 24DNO ASA Announces Chief Financial Officer ChangesDNO ASA announced that Birgitte Wendelbo Johansen has been appointed Chief Financial Officer effective 1 November 2025, replacing Haakon Sandborg who is stepping down following 24 years in the role. Ms. Johansen joins DNO from Reach Subsea ASA, an Oslo Børs listed oil services company, where she served as Chief Financial Officer since 2012. Prior to this, she had a successful career in banking, specializing in shipping and energy. Mr. Sandborg joined DNO from corporate finance roles at DNB and the Aker oil services group and is DNO’s longest serving staffer. Mr. Sandborg will remain at the Company in a senior advisory role until the end of the year.
お知らせ • Aug 21DNO ASA Approves Quarterly Cash Dividend, Payable on or About 8 September 2025DNO ASA approved quarterly cash dividend payment of NOK 0.375 per share to be made on or about 8 September 2025 to all shareholders of record as of 29 August 2025. DNO shares will be traded ex-dividend as of 28 August 2025.
お知らせ • Jun 12DNO ASA (OB:DNO) completed the acquisition of Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others.DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion on March 7, 2025. The cash consideration of $450 million based on an enterprise value of $1.6 billion. The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the Company’s position as a leading listed European independent oil and gas company. The acquisition will be financed with existing cash and other debt financing facilities available to DNO. At year end 2024, DNO ASA held USD 900 million in cash and a further USD 100 million liquidity under its reserve-based lending (RBL) facility. Additional funding sources include new bond and RBL debt as well as offtake-based financing. The Company will set in place the optimal capital structure prior to completion. The effective date of the transaction is January 1, 2025, with expected completion mid-year 2025, subject to customary regulatory approvals from the Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition authorities. Pareto Securities is acting as financial advisor to DNO and Advokatfirmaet Thommessen as legal counsel. Jefferies acted as financial advisor to Sval Energi and Hitecvision in the transaction. DNO ASA (OB:DNO) completed the acquisition of Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others on June 12, 2025. The transaction was financed through the issuance of USD 400 million in hybrid bonds.
お知らせ • Jun 05DNO ASA Approves Board AppointmentsDNO ASA at its AGM held on June 05, 2025, approved election of Grethe Kristin Moen and Ferris J. Hussein as board members of the company.
お知らせ • Mar 26DNO ASA Announces Oil and Gas Discovery in Northern North Sea License Pl1182 SDNO ASA announced an important oil and gas discovery in Northern North Sea license PL1182 S in which the Company holds a 40% 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 Kjottkake exploration well encountered a 41-meter oil column and a 9-meter gas column. A sidetrack drilled vertically 1,350 meters westwards along the reservoir in the Sotra Formation confirmed the presence of the oil column throughout the discovery. Located 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjoa platform, Kjottkake is DNO's tenth discovery since 2021 in the Troll-Gjoa exploration and development hotspot, following Rover Nord, Kveikje, Ofelia, Rover Sor, Heisenberg, Carmen, Kyrre, Cuvette and Ringand. The Company has also racked up discoveries in other parts of the Norwegian Continental Shelf, including Norma (2023) and Othello (2024), both play-opening finds and both operated by DNO. Partners in license PL1182 S include Aker BP ASA (30%, Concedo AS (15%) and Japex Norge AS (15%). The wells were drilled using the Deepsea Yantai rig. Following its exploration success, the Company has stepped up purchases of producing assets to balance its Norwegian portfolio and help fund coming developments. In early March, DNO announced the transformative acquisition of Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources from 144 million boe to 246 million boe (pro forma figures as of yearend 2024). The acquisition, which is expected to close by mid-year, will turn the North Sea into the biggest contributor to Company's net production with some 60% of the total, with the balance coming predominantly from two operated fields, Tawke and Peshkabir, in the Kurdistan region of Iraq.
お知らせ • Mar 07DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion.DNO ASA (OB:DNO) reached agreement to acquire Sval Energi Group AS from HitecVision AS (OTCNO:HITV) and others for an enterprise value of $1.6 billion on March 7, 2025. The cash consideration of $450 million based on an enterprise value of $1.6 billion. The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the Company’s position as a leading listed European independent oil and gas company. The acquisition will be financed from existing liquidity including available credit facilities. The Company will set in place the optimal capital structure prior to completion. The effective date of the transaction is January 1, 2025, with expected completion mid-year 2025, subject to customary regulatory approvals from the Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition authorities. Pareto Securities is acting as financial advisor to DNO and Advokatfirmaet Thommessen as legal counsel.
お知らせ • Feb 06DNO ASA Approves Cash Dividend, Payable on or About 21 February 2025DNO ASA has approved a cash dividend payment of NOK 0.3125 per share to be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025. The shares will be traded ex-dividend as of 13 February 2025. Date of approval: 5 February 2025, based on authorization granted 6 June 2024.
お知らせ • Dec 09Trym Reboot Boosts North Sea OutputDNO ASA announced that its operated Trym field in the Norwegian North Sea license PL147 (DNO 50 %) is back on production after a five-year shutdown during which TotalEnergies redeveloped the Tyra field infrastructure in the Danish North Sea to which Trym is tied back. First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO. Available capacity at the Trym subsea template represents further opportunities. The Company is currently assessing a development of the 2013 Trym Sør discovery containing recoverable resources of around two MMboe net to DNO, possibly adding production from early 2027. In addition, DNO has identified nearby exploration prospects that may be drilled from the Trym subsea template, potentially extending its lifetime.
お知らせ • Dec 04+ 5 more updatesDNO ASA to Report Fiscal Year 2024 Results on Apr 03, 2025DNO ASA announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Apr 03, 2025
New Risk • Nov 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 136% Cash payout ratio: 120% Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results.
Declared Dividend • Nov 10Third quarter dividend of kr0.31 announcedShareholders will receive a dividend of kr0.31. Ex-date: 14th November 2024 Payment date: 22nd November 2024 Dividend yield will be 43%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Nov 08Third quarter 2024 earnings released: EPS: US$0.021 (vs US$0.056 loss in 3Q 2023)Third quarter 2024 results: EPS: US$0.021 (up from US$0.056 loss in 3Q 2023). Revenue: US$170.5m (up 21% from 3Q 2023). Net income: US$20.0m (up US$74.5m from 3Q 2023). Profit margin: 12% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.
お知らせ • Nov 07DNO Asa Approves Dividend, Payable on or About 22 November 2024DNO ASA has approved a dividend payment of NOK 0.3125 per share to be made on or about 22 November 2024 to all shareholders of record as of 15 November 2024. DNO shares will be traded ex-dividend as of 14 November 2024.
New Risk • Aug 19New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 96x earnings per share. Cash payout ratio: 120% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin).
Declared Dividend • Aug 18Second quarter dividend of kr0.31 announcedShareholders will receive a dividend of kr0.31. Ex-date: 22nd August 2024 Payment date: 30th August 2024 Dividend yield will be 38%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 50x earnings). However, it is covered by cash flows (66% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5,471% to bring the payout ratio under control. EPS is expected to grow by 65% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Reported Earnings • Aug 16Second quarter 2024 earnings released: EPS: US$0.035 (vs US$0.019 loss in 2Q 2023)Second quarter 2024 results: EPS: US$0.035 (up from US$0.019 loss in 2Q 2023). Revenue: US$137.0m (up 135% from 2Q 2023). Net income: US$34.5m (up US$53.0m from 2Q 2023). Profit margin: 25% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.
お知らせ • Aug 15DNO ASA Approves Dividend, Payable on or About 30 August 2024DNO ASA at the Annual General Meeting held on 6 June 2024, the Board of Directors has approved a dividend payment of NOK 0.3125 per share to be made on or about 30 August 2024 to all shareholders of record as of 23 August 2024. DNO shares will be traded ex-dividend as of 22 August 2024.
Board Change • Jul 05Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Jun 20DNO ASA Racks Up Discoveries in Its Offshore Norway Core AreaDNO ASA announced a gas condensate discovery on the Cuvette prospect in the Norwegian North Sea licenses PL248F and PL248GS in which the Company's wholly-owned subsidiary DNO Norge AS holds a 20% interest. Preliminary evaluation of the discovery indicates gross recoverable resources in the range of 16-38 million barrels of oil equivalent (MMboe) with a mean of 25 MMboe, well above predrill estimates. Just over half of the resources were encountered in the Middle Jurassic primary target, and the balance in the Upper Jurassic secondary target. Cuvette is DNO's eighth discovery in the highly prolific area surrounding the Troll and Gjoa production hubs since 2021. The other discoveries are Rover Nord, Kveikje, Ofelia, Rover Sor, Heisenberg, Carmen and Kyrre, all close to infrastructure and with clear routes towards commercialization. Wintershall Dea Norge AS operates licenses PL248F and PL 248GS as well as the nearby Vega field tied back to Gjoa. Another partner in the licenses, Petoro AS, similarly holds a stake in Vega. One of Vega's three subsea templates, Vega Central, is located only three kilometers to the north of the new discovery well. The partners will consider fast-track production of Middle Jurassic volumes through the Vega Central template. Another option is a joint development with three nearby discoveries made in 2015-2016 (Syrah, Orion, Beaujolais; totaling some 15 MMboe gross), in which DNO also holds a 20% interest. Following the successful appraisal of Heisenberg early in the year, Cuvette was the second well in DNO's 2024 North Sea exploration program. Five wells remain to be drilled, of which four are also in the Troll-Gjoa area. In 2023, the Company was the third most active exploration driller on the Norwegian Continental Shelf in number of wells drilled and ranked second in discovered volumes with an estimated 100 MMboe net to DNO. Having prioritized near-inf infrastructure exploration, DNO has been an early mover in acquiring substantial acreage positions in selected areas which have since become hotspots.
お知らせ • May 09DNO ASA Approves Dividend, Payable on or About 28 May 2024DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, has approved a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024 to all shareholders of record as of 21 May 2024. DNO shares will be traded ex-dividend as of 16 May 2024.
お知らせ • Apr 04DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential FloodingDNO ASA announced that production and field operations at its operated Tawke license (DNO 75%) 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 temporarily shut in its Tawke field for safety reasons while maintaining uninterrupted operations at the less exposed Peshkabir field, also within the Tawke license. Gross license production dropped from above 80,000 barrels per day (bopd) to an average of 65,000 during a 10-day period but was restored to its pre-flooding level on 30 March 2024 as DNO worked to minimize flooding exposure, inspect damage and take remedial actions including installing additional truck loading facilities. Given shortages of heavier crudes in regional markets, DNO negotiated with its customers to nudge Tawke/Peshkabir prices to the mid-USD 30 per barrel level. DNO share of sales continue to be paid directly to the Company in advance of loadings and have averaged in excess of USD 25 million per month in 2024. No DNO employees were hurt though several substantial pieces of equipment weighing tons were washed away and have yet to be located. Notwithstanding major damage in the town of Zakho, neighboring the Tawke field, the 2,000 year-old Roman-era arched bridge, a popular tourist attraction, survived intact. The Company provided relief to the local community by supplying home appliances, including refrigerators, to families most impacted by the flooding. Workovers and other field work at Tawke and Peshkabir have quickly resumed, whilst the Company’s Board of Directors has given the nod to plan for new investments to maintain and then begin to bolster production. Elsewhere in Kurdistan, DNO resumed drilling with the latest well (B-3) at the operated Baeshiqa license (DNO 64%) spud on 21 February 2024. The well has reached 1,850 meters or nearly one-half of the target depth.
お知らせ • Mar 23DNO ASA Announces Completion of an Appraisal Well and SidetrackDNO ASA 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 partnership, which in addition to DNO Norge AS (49 percent) includes operator Equinor Energy AS, is planning a well in the second quarter of this year to explore an additional deep prospect, Angel, while delineating Heisenberg towards the west. Surrounded by major North Sea hubs Troll B, Kvitebjørn and Gjøa (the first two operated by Equinor), Heisenberg lies within tieback range of these hosts. Studies are underway for fast-track development of Heisenberg in coordination with a string of recent discoveries in this area in which DNO has a significant presence, including in last year’s Carmen discovery (30%).
Reported Earnings • Mar 17Full year 2023 earnings released: EPS: US$0.019 (vs US$0.39 in FY 2022)Full year 2023 results: EPS: US$0.019 (down from US$0.39 in FY 2022). Revenue: US$667.5m (down 52% from FY 2022). Net income: US$18.6m (down 95% from FY 2022). Profit margin: 2.8% (down from 28% in FY 2022). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 17.9 MMboe (34.3 MMboe in FY 2022) Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Declared Dividend • Feb 12Fourth quarter dividend of kr0.25 announcedShareholders will receive a dividend of kr0.25. Ex-date: 15th February 2024 Payment date: 26th February 2024 Dividend yield will be 39%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 477% to bring the payout ratio under control. EPS is expected to grow by 69% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Reported Earnings • Feb 11Full year 2023 earnings released: EPS: US$0.019 (vs US$0.39 in FY 2022)Full year 2023 results: EPS: US$0.019 (down from US$0.39 in FY 2022). Revenue: US$667.5m (down 52% from FY 2022). Net income: US$18.6m (down 95% from FY 2022). Profit margin: 2.8% (down from 28% in FY 2022). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 17.9 MMboe (34.3 MMboe in FY 2022) Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 08DNO ASA Approves Dividend, Payable on or About 26 February 2024DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 26 February 2024 to all shareholders of record as of 16 February 2024. DNO shares will be traded ex- dividend as of 15 February 2024. Date of approval: 7 February 2024, based on authorization granted 25 May 2023.
Board Change • Jan 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Dec 21+ 5 more updatesDNO ASA to Report Q4, 2023 Results on Feb 08, 2024DNO ASA announced that they will report Q4, 2023 results on Feb 08, 2024
お知らせ • Dec 13DNO ASA Announces Successful Completion of the Second Appraisal Well on the Bergknapp/re Discovery in License PL836S in the Norwegian SeaDNO ASA announced successful completion of the second appraisal well on the Bergknapp/Åre discoveries in license PL836S in the Norwegian Sea. Recoverable volumes are currently estimated by the operator to range between 50 and 100 million barrels of oil equivalent (MMboe). Bergknapp/Åre are located eight kilometers west of the Wintershall Dea Norge AS operated Maria field, which is tied back to Equinor Energy AS' Kristin platform. Wintershall Dea holds a 40% in license PL836S as operator, with DNO Norge AS and Equinor each holding a 30% interest. DNO will now work expeditiously with the other licensees to fast track development utilizing the existing infrastructure in the area. The Bergknapp light oil discovery in the Garn, Ile and Tilje formations (44-75 MMboe) was made in 2020 and subsequently appraised by re-entering and sidetracking the discovery well in 2021. The sidetrack well also extended into the deeper Åre formation, where additional volumes of light oil, gas and condensate were discovered (6-25 MMboe). DNO's 2023 North Sea exploration and appraisal program has led to four successful exploration discoveries (Rver, Heisenberg, Carmen and Norma), two successful appraisal wells (of which one with a sidetrack that has led to a new discovery in the same license (Ofelia/Kyrre)) and two dry holes.
お知らせ • Dec 12DNO Announces Successful Ofelia Appraisal and New Kyrre DiscoveryDNO ASA announced completion of appraisal/side track wells that both confirmed the 2022 Ofelia oil and gas discovery and led to a new gas discovery in the overlying Kyrre formation in license PL929 in the Norwegian North Sea. Combined recoverable volumes are estimated by the operator to range between 27 and 52 million barrels of oil equivalent (MMboe). Ofelia/Kyrre is a candidate for a fast track, low cost development tie-back to the Gja platform located 23 kilometers to the south. Gja is operated by Neptune Energy Norge AS, which is also operator of license PL929 with a 40% interest. Other partners include Wintershall Dea Norge AS (20%), Pandion Energy AS (20 percent), DNO Norge AS (10%) and Aker BP ASA (10%). As one of the acreage holders in the prospective Troll-Gja area, DNO has already participated in six discoveries in this area with combined recoverable resources totaling 100 MMboe net to DNO since 2021. The Company plans to continue its extensive exploration and appraisal activity in Troll-Gja area in 2024.
お知らせ • Nov 10DNO ASA Approves Dividend, Payable on or About 24 November 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 24 November 2023 to all shareholders of record as of 17 November 2023. DNO shares will be traded ex- dividend as of 16 November 2023. Date of approval: 8 November 2023, based on authorization granted 25 May 2023.
お知らせ • Oct 16DNO ASA Reopens Production At Tawke PSCDNO ASA announced that production was shutdown following the closure of the Iraq-Türkiye pipeline on 25 March 2023. The Tawke field was reopened on 18 July and production has since ramped up, with the contractor share of crude oil from the field during the quarter sold to local buyers with payments received directly in advance. No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.
お知らせ • Sep 19DNO Makes Play-Opening Discovery at NormaDNO ASA announced a gas condensate discovery on the Norma prospect in the Norwegian North Sea license PL984 in which the Company holds a 30% operated interest. Preliminary evaluation of the discovery indicates gross recoverable resources in the range of 25-130 million barrels of oil equivalent (MMboe) on a P90-P10 basis, with a mean of 70 MMboe, in a Jurassic reservoir zone with high quality sandstones. Located 20 kilometers northwest of the Balder hub and 30 kilometers south of the Alvheim hub, Norma is situated in an area with extensive infrastructure in the central part of the North Sea, with tie-back options offering potential routes to commercialization. Also within the same license, DNO has identified additional exploration prospects that have been considerably de-risked by the Norma results. Drilled to a vertical depth of 4,800 meters with the Deepsea Yantai drilling rig, Norma is DNO’s first operated high-pressure high-temperature exploration well. At 4,650 meters, the discovery well encountered a 16-meter hydrocarbon column in a 20-meter gross reservoir section in Jurassic sandstones. Several gas condensate samples were collected in the reservoir. In addition, a water sample was acquired. A bypass core of 33.7 meters was secured and an extensive data and sampling program conducted. This discovery is considered a play-opener for the deep turbiditic sands in this area given the exceptionally good reservoir quality encountered. Plans are underway to further delineate the discovery and the upside potential in the license. Before further appraisal drilling, improved seismic imaging and remapping will be undertaken to identify an optimal location for the next well. Even with the additional extensive data collection protocols, the Norma well is expected to be finished 15 days ahead of plan and at a cost eight percent below budget. Plug and abandonment operations have commenced this week. DNO was awarded an interest in PL984 in 2019 through its wholly-owned subsidiary DNO Norge AS. The other partners in the license are Source Energy AS, Equinor Energy AS, Vår Energi ASA (20% each) and Aker BP ASA (10%).
お知らせ • Sep 08DNO ASA Announces Managing Director ChangesDNO ASA announced that Christopher Spencer has been appointed Managing Director of the Company as Bjørn Dale steps down as part of a planned management transition initiated last year. Mr. Spencer has been DNO’s Chief Operating Officer since 2021. Before joining DNO six years ago, he served as chief executive of Rocksource ASA and in various commercial and technical roles at Royal Dutch Shell and BP. He is a Chartered Engineer with the Institution of Chemical Engineers in the United Kingdom.Mr. Dale joined DNO in 2011 as a corporate lawyer prior to his appointments as General Counsel and Managing Director. He will continue to advise the Company on legal and commercial matters for a period of six months following Mr. Spencer’s appointment effective 8 September 2023.
お知らせ • Aug 18DNO ASA Announces Update on Tawke PSCDNO ASA has issued an update on licence activity. Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at the Tawke field and is currently selling its entitlement share of oil production to local trading companies. DNO restarted partial oil production from the Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil. Tawke output is currently averaging around 40,000 bopd, of which one-half is delivered to the Kurdistan Regional Government as its entitlement and the balance is sold to local trading companies.
Reported Earnings • Aug 18Second quarter 2023 earnings released: US$0.019 loss per share (vs US$0.074 profit in 2Q 2022)Second quarter 2023 results: US$0.019 loss per share (down from US$0.074 profit in 2Q 2022). Revenue: US$58.3m (down 84% from 2Q 2022). Net loss: US$18.5m (down 126% from profit in 2Q 2022). Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 17DNO ASA Approves Dividend Payment, o Be Made on or About 1 September 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 1 September 2023 to all shareholders of record as of 25 August 2023. DNO shares will be traded ex-dividend as of 24 August 2023.
お知らせ • Jul 12DNO ASA Announces Gas and Condensate Discovery on the Carmen Prospect in the Norwegian North Sea License PL1148DNO ASA announced a significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea license PL1148 in which the Company holds a 30% interest. Preliminary evaluation of comprehensive data, including cores and fluid samples, acquired from the discovery well and a follow-on extended sidetrack indicates gross recoverable resources in the range of 120-230 million barrels of oil equivalent (MMboe) on a P90-P10 basis. At 175 MMboe, the mid-point of this range, Carmen ranks as the largest discovery on the Norwegian Continental Shelf since 2013. The two wells have established a deeper hydrocarbon-water contact, tripling the mid-point of DNO's pre-drill expected range. Carmen is DNO's sixth discovery in the Troll-Gjoa area since 2021 and is located close to existing infrastructure with clear routes towards commercialization. The other discoveries are Rover Nord, Kveikje, Ofelia, Rover Sor and Heisenberg. DNO farmed into PL1148 in 2022 through its wholly-owned subsidiary DNO Norge AS. The other partners in the license are Wellesley Petroleum as operator with 50% interest and Equinor Energy AS and Aker BP AS with 10% each.
Board Change • Jun 01Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • May 26DNO ASA Approves Executive ChangesDNO ASA at the AGM held on May 25, 2023, announced Najmedin Meshkati was elected as a new Board member. The Board accordingly consists of the following members: Bijan Mossavar-Rahmani (Executive Chairman). Gunnar Hirsti (Deputy Chairman). Elin Karfjell (Board member). Anita Maria Hjerkinn Aarnæs (Board member). Najmedin Meshkati (Board member). In accordance with the Nomination Committee's recommendation, Ferris J. Hussein was elected as a new member of the Nomination Committee in replacement of Lars Arne Takla, with an election period from the Annual General Meeting in 2023 to the Annual General Meeting in 2024. The Nomination Committee accordingly consists of the following members: Bijan Mossavar-Rahmani (Chairman). Kåre A. Tjønneland (member). Ferris J. Hussein (member).
Upcoming Dividend • May 17Upcoming dividend of kr0.25 per share at 9.7% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 9.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.8%).
Reported Earnings • May 12First quarter 2023 earnings released: EPS: US$0.088 (vs US$0.14 in 1Q 2022)First quarter 2023 results: EPS: US$0.088 (down from US$0.14 in 1Q 2022). Revenue: US$268.9m (down 21% from 1Q 2022). Net income: US$87.4m (down 38% from 1Q 2022). Profit margin: 33% (down from 41% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 9.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.
お知らせ • May 11DNO ASA Approves Cash Dividend, Payable on or about June 2, 2023DNO ASA announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2022, the Board of Directors has approved a cash dividend payment of NOK 0.25 per share to be made on or about 2 June 2023 to all shareholders of record as of 25 May 2023. DNO shares will be traded ex-dividend as of 24 May 2023.
Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.06, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 184% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.26 per share.
Buying Opportunity • Mar 27Now 30% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €1.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 92%. For the next 3 years, revenue is forecast to decline by 10% per annum. Earnings is also forecast to decline by 10% per annum over the same time period.
Reported Earnings • Mar 18Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)Full year 2022 results: EPS: US$0.39 (up from US$0.21 in FY 2021). Revenue: US$1.38b (up 37% from FY 2021). Net income: US$384.9m (up 89% from FY 2021). Profit margin: 28% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Oil reserves Proven reserves: 91.5 MMbbls Combined production and costs Oil equivalent production: 34.3 MMboe (34.5 MMboe in FY 2021) Average production cost/Boe: US$6.50 (US$5.30/Boe in FY 2021) Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Feb 10Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)Full year 2022 results: EPS: US$0.39 (up from US$0.21 in FY 2021). Revenue: US$1.38b (up 37% from FY 2021). Net income: US$384.9m (up 89% from FY 2021). Profit margin: 28% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 09+ 1 more updateDNO ASA Confirms Oil and Gas Discovery on the Røver Sør Prospect in the Norwegian North Sea License PL923DNO ASA confirmed an oil and gas discovery on the Røver Sør prospect in the Norwegian North Sea license PL923 in which the Company holds a 20% interest. The discovery well and a follow-on appraisal sidetrack encountered hydrocarbons in three Jurassic Brent Group sandstone reservoirs (Ness, Etive and Oseberg formations). Preliminary estimates of gross recoverable resources are in the range of 17-47 million barrels of oil equivalent. The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include Equinor Energy AS (operator), Petoro AS and Wellesley Petroleum AS, consider the discovery to be commercial. Together with a string of recent discoveries in the area, Røver Sør may be tied back to the Equinor-operated Troll field about 10 kilometers to the east. Røver Sør is DNO’s fourth consecutive exploration success in the Troll-Gjøa area following the 2021 Røver Nord discovery within the same license and also the 2022 discoveries of Kveikje in PL293B (DNO 29%) and Ofelia in PL929 (DNO 10%). One of the largest acreage holders in the Troll-Gjøa area, the Company has scheduled five more exploration wells in this North Sea exploration hotspot during 2023. The next of these exploration wells, Heisenberg, will spud in license PL827S (DNO 49% with the remaining 51% held by Equinor as operator) later this month.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Elin Karfjell was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Nov 12+ 4 more updatesDNO ASA to Report First Half, 2023 Results on Aug 17, 2023DNO ASA announced that they will report first half, 2023 results on Aug 17, 2023
Reported Earnings • Nov 04Third quarter 2022 earnings released: EPS: US$0.13 (vs US$0.032 in 3Q 2021)Third quarter 2022 results: EPS: US$0.13 (up from US$0.032 in 3Q 2021). Revenue: US$338.9m (up 34% from 3Q 2021). Net income: US$129.6m (up 319% from 3Q 2021). Profit margin: 38% (up from 12% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to fall by 9.8% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: US$0.074 (vs US$0.058 in 2Q 2021)Second quarter 2022 results: EPS: US$0.074 (up from US$0.058 in 2Q 2021). Revenue: US$360.6m (up 96% from 2Q 2021). Net income: US$72.3m (up 28% from 2Q 2021). Profit margin: 20% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.3%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year.
Valuation Update With 7 Day Price Move • Aug 10Investor sentiment improved over the past weekAfter last week's 16% share price gain to €1.56, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 28% over the past three years.
Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Elin Karfjell was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Apr 11DNO ASA Confirms Oil and Gas Discovery on the Kveikje ProspectDNO ASA confirmed an oil and gas discovery on the Kveikje prospect in the Norwegian North Sea license PL293B Preliminary estimates of gross recoverable resources are in the range of 25-50 million barrels of oil equivalent, well above pre- drill estimates. In the primary exploration target, the well encountered a 23-meter oil column of which 19 meters were in Eocene sandstones of excellent reservoir quality. Also in Eocene sandstones, the well encountered a three-meter gas column. In addition, small amounts of hydrocarbons were discovered in two other formations, one in Eocene and one in Upper Cretaceous. The Kveikje discovery strengthens the Company's position in a core North Sea area near the giant Troll field and is a play-opener which de-risks prospects in nearby DNO licenses. In the same core area, on the back the 2021 Røver Nord discovery (DNO 20%), the Company will drill the Røver Sør exploration well, de-risked by Røver Nord in the same license, later this year. With this first discovery under its belt, in addition to Røver Sør, DNO has another five exploration wells scheduled in the North Sea this year including the highly anticipated Edinburgh prospect straddling the Norway-United Kingdom border (DNO 45%) currently drilling.
Valuation Update With 7 Day Price Move • Mar 24Investor sentiment improved over the past weekAfter last week's 15% share price gain to €1.29, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.92 per share.
Reported Earnings • Mar 19Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.21 (up from US$0.29 loss in FY 2020). Revenue: US$1.00b (up 63% from FY 2020). Net income: US$203.9m (up US$489.8m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Oil reserves Proven reserves: 90.4 MMbbls Combined production and costs Oil equivalent production: 34.5 MMboe (36.6 MMboe in FY 2020) Average production cost/Boe: US$5.30 (US$4.90/Boe in FY 2020) Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 14%, compared to a 42% growth forecast for the oil industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance.
Buying Opportunity • Mar 15Now 26% undervaluedOver the last 90 days, the stock is up 17%. The fair value is estimated to be US$1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. The company has become profitable over the last year.
Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improved over the past weekAfter last week's 26% share price gain to €1.33, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.60 per share.
Reported Earnings • Feb 13Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.21 (up from US$0.29 loss in FY 2020). Revenue: US$1.00b (up 63% from FY 2020). Net income: US$203.9m (up US$489.8m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is expected to shrink by 1.5% compared to a 79% growth forecast for the oil industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 12DNO ASA provides an Update on Tawke PSCDNO ASA expects the ramp up in drilling activities to maintain Tawke licence gross production at around 105,000 bopd during 2022.
Buying Opportunity • Feb 09Now 20% undervaluedOver the last 90 days, the stock is up 1.6%. The fair value is estimated to be US$1.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% per annum over the last 3 years. The company has become profitable over the last year.
お知らせ • Sep 29DNO ASA Updates North Sea DrillingDNO ASA reported an oil discovery on the Gomez prospect in its operated PL006C license offshore Norway. The exploration well encountered hydrocarbons in the primary target in the Våle Formation of Paleocene Age. The reservoir is a 23 meters thick, homogeneous sandstone of poor to moderate quality. A small amount of oil was recovered during logging. The oil/water contact was not encountered. Based on preliminary assessments, there is uncertainty whether the reservoir can be commercially produced and no estimate of recoverable volumes has been established at this stage. DNO holds a 65% interest in the PL006C license and together with its partner Aker BP (35%) will study the extensive data collected during the operation before deciding next steps.
お知らせ • Aug 05DNO ASA (OB:DNO) completed the acquisition of additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM).DNO ASA (OB:DNO) agreed to acquire additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM) on February 11, 2021. DNO plans to continue an exploration and appraisal program on the license while fast tracking early production from existing wells in 2021. Post completion, DNO stake will increase from 32% to 64% in the Baeshiqa license in the Kurdistan region. The remaining partners in the license include TEC with a 20% interest and the Kurdistan Regional Government with a 20% interest. Transaction is subject to Government approval which is still pending. As of August 3, 2021, the transaction is approved by Kurdistan Regional Government. DNO ASA (OB:DNO) completed the acquisition of additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM) on August 3, 2021. Following the transaction DNO now hold 64%, Turkish Energy Group hold 16% and Kurdistan Regional Government hold 20% in Baeshiqa License in the Kurdistan Region. As of August 3, 2021, the transaction is approved by Kurdistan Regional Government.
Reported Earnings • Jul 30Second quarter 2021 earnings released: EPS US$0.058 (vs US$0.065 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$184.3m (up 156% from 2Q 2020). Net income: US$56.7m (up US$120.3m from 2Q 2020). Profit margin: 31% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance.
お知らせ • May 28DNO ASA Approves Dividends for the Year 2021 and for the Year 2022DNO ASA board proposal in the notice that the board be granted authorization to decide to distribute to shareholders a cash dividend of up to NOK 0.20 per share in 2021 and a cash dividend of up to NOK 0.20 per share in 2022.