DNO Management

Management criteria checks 3/4

DNO's CEO is Chris Spencer, appointed in Jul 2021, has a tenure of 3.08 years. total yearly compensation is $1.17M, comprised of 50% salary and 50% bonuses, including company stock and options. directly owns 0.057% of the company’s shares, worth NOK5.95M. The average tenure of the management team and the board of directors is 5.6 years and 9.2 years respectively.

Key information

Chris Spencer

Chief executive officer

US$1.2m

Total compensation

CEO salary percentage	50.0%
CEO tenure	3.1yrs
CEO ownership	0.06%
Management average tenure	5.6yrs
Board average tenure	9.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Chris Spencer's remuneration changed compared to DNO's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	-US$52m
Dec 31 2023	US$1m	US$583k	US$19m
Sep 30 2023	n/a	n/a	US$57m
Jun 30 2023	n/a	n/a	US$241m
Mar 31 2023	n/a	n/a	US$332m
Dec 31 2022	US$902k	US$579k	US$385m
Sep 30 2022	n/a	n/a	US$407m
Jun 30 2022	n/a	n/a	US$309m
Mar 31 2022	n/a	n/a	US$293m
Dec 31 2021	US$746k	US$577k	US$204m
Sep 30 2021	n/a	n/a	US$79m
Jun 30 2021	n/a	n/a	-US$75m
Mar 31 2021	n/a	n/a	-US$195m
Dec 31 2020	US$696k	US$476k	-US$286m
Sep 30 2020	n/a	n/a	-US$175m
Jun 30 2020	n/a	n/a	-US$149m
Mar 31 2020	n/a	n/a	-US$17m
Dec 31 2019	US$610k	US$469k	US$74m
Sep 30 2019	n/a	n/a	US$253m
Jun 30 2019	n/a	n/a	US$413m
Mar 31 2019	n/a	n/a	US$387m
Dec 31 2018	US$581k	US$441k	US$354m
Sep 30 2018	n/a	n/a	US$155m
Jun 30 2018	n/a	n/a	US$554m
Mar 31 2018	n/a	n/a	US$499m
Dec 31 2017	US$404k	US$255k	US$495m

Compensation vs Market: Chris's total compensation ($USD1.17M) is about average for companies of similar size in the UK market ($USD1.36M).

Compensation vs Earnings: Chris's compensation has increased whilst the company is unprofitable.

CEO

Chris Spencer

3.1yrs

Tenure

US$1,166,400

Compensation

Mr. Christopher Spencer, also known as Chris, serves as Chief Operating Officer at DNO ASA since July 12, 2021 and serves as its Managing Director since September 07, 2023. He served as Deputy Managing Dir...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Bijan Mossavar-Rahmani	Executive Chairman	13.4yrs	US$1.33m	12.92% $ 1.3b
Christopher Spencer	MD & COO	3.1yrs	US$1.17m	0.057% $ 6.0m
Haakon Sandborg	Chief Financial Officer	23.6yrs	US$827.70k	0.034% $ 3.5m
Geir Skau	Chief Human Resources & Corporate Services Officer	5.6yrs	US$821.00k	0.033% $ 3.4m
Sameh Hanna	General Manager of Kurdistan Region of Iraq	2yrs	US$706.60k	no data
Gudmund Hartveit	Manager of Corporate Development & IR	no data	no data	no data
Jostein Løvås	Communication Manager	no data	no data	no data
Kenneth Myhrvold	Chief Petroleum Engineer & Petroleum Technology Department Manager	no data	no data	no data
Tonje Gormley	General Counsel of Middle East	5.6yrs	US$563.90k	no data
Linn Hoel	Chief Commercial Officer	no data	no data	no data
Erlend Einum	Chief Business Development Officer	no data	no data	no data

5.6yrs

Average Tenure

Experienced Management: DNOO's management team is seasoned and experienced (5.6 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Bijan Mossavar-Rahmani	Executive Chairman	13.4yrs	US$1.33m	12.92% $ 1.3b
Gunnar Hirsti	Independent Deputy Chairman of the Board	16.8yrs	US$95.40k	0.038% $ 3.9m
Elin Karfjell	Independent Director	9.2yrs	US$74.80k	0.0050% $ 523.8k
Anita Marie Aarnaes	Director	2.2yrs	US$74.80k	0.0016% $ 171.8k
Najmedin Meshkati	Director	1.2yrs	US$40.50k	0.0020% $ 206.2k

9.2yrs

Average Tenure

71yo

Average Age

Experienced Board: DNOO's board of directors are considered experienced (9.2 years average tenure).

DNO Management

Management criteria checks 3/4

Key information

Recent management updates

Less than half of directors are independent

DNO ASA Announces Managing Director Changes

DNO ASA Announces Managing Director Changes

Less than half of directors are independent

Less than half of directors are independent

DNO ASA Approves Executive Changes

Recent updates

DNO ASA Approves Dividend, Payable on or About 30 August 2024

DNO ASA Racks Up Discoveries in Its Offshore Norway Core Area

DNO ASA Approves Dividend, Payable on or About 28 May 2024

DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential Flooding

DNO ASA Announces Completion of an Appraisal Well and Sidetrack

DNO ASA Approves Dividend, Payable on or About 26 February 2024

Less than half of directors are independent

DNO ASA to Report Q3, 2024 Results on Nov 07, 2024

DNO ASA Announces Successful Completion of the Second Appraisal Well on the Bergknapp/re Discovery in License PL836S in the Norwegian Sea

DNO Announces Successful Ofelia Appraisal and New Kyrre Discovery

DNO ASA Approves Dividend, Payable on or About 24 November 2023

DNO ASA Reopens Production At Tawke PSC

DNO Makes Play-Opening Discovery at Norma

DNO ASA Announces Managing Director Changes

DNO ASA Announces Managing Director Changes

DNO ASA Announces Update on Tawke PSC

DNO ASA Approves Dividend Payment, o Be Made on or About 1 September 2023

DNO ASA Announces Gas and Condensate Discovery on the Carmen Prospect in the Norwegian North Sea License PL1148

DNO ASA Announces Gas and Condensate Discovery on the Carmen Prospect in the Norwegian North Sea License PL1148

Less than half of directors are independent

Less than half of directors are independent

DNO ASA Approves Executive Changes

Upcoming dividend of kr0.25 per share at 9.6% yield

First quarter 2023 earnings released: EPS: US$0.088 (vs US$0.14 in 1Q 2022)

DNO ASA Approves Cash Dividend, Payable on or about June 2, 2023

Now 24% undervalued after recent price drop

Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)

Full year 2022 earnings released: EPS: US$0.39 (vs US$0.21 in FY 2021)

DNO ASA Confirms Oil and Gas Discovery on the Røver Sør Prospect in the Norwegian North Sea License PL923

Less than half of directors are independent

DNO ASA (OB:DNO) commences an Equity Buyback, under the authorization approved on May 25, 2022.

Insider recently bought kr125k worth of stock

Less than half of directors are independent

DNO ASA to Report First Half, 2023 Results on Aug 17, 2023

Insider recently bought kr485k worth of stock

DNO ASA Approves Dividend, Payable on or About 16 November 2022

Third quarter 2022 earnings released: EPS: US$0.13 (vs US$0.032 in 3Q 2021)

DNO ASA Approves Dividend, Payable on or About 16 November 2022

DNO ASA (OB:DNO) completed the acquisition of Mondoil Enterprises LLC from RAK Petroleum plc (OB:RAKP).

Investor sentiment improved over the past week

Less than half of directors are independent

DNO ASA Confirmes an Oil Discovery on the Ofelia Prospect

DNO ASA (OB:DNO) entered into a transaction agreement to acquire Mondoil Enterprises LLC from RAK Petroleum plc (OB:RAKP) for approximately $120 million.

Second quarter 2022 earnings released: EPS: US$0.074 (vs US$0.058 in 2Q 2021)

DNO ASA Approves Cash Dividend, Payable on or About 23 August 2022

Less than half of directors are independent

DNO ASA Reports Edinburgh Exploration Well Comes Up Dry

Insufficient new directors

DNO ASA Proposes Dividend for the Year 2021

DNO ASA Confirms Oil and Gas Discovery on the Kveikje Prospect

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Insufficient new directors

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

DNO ASA provides an Update on Tawke PSC

Investor sentiment improved over the past week

Insufficient new directors

Insufficient new directors

Insufficient new directors

Insufficient new directors

Insufficient new directors

DNO ASA Updates North Sea Drilling

Insufficient new directors

Aker BP ASA (OB:AKRBP) acquired an additional 20% interest in PL006C License from DNO ASA (OB:DNO).

DNO ASA (OB:DNO) completed the acquisition of additional 32% stake in Baeshiqa License in the Kurdistan Region from Exxon Mobil Corporation (NYSE:XOM).

Second quarter 2021 earnings released: EPS US$0.058 (vs US$0.065 loss in 2Q 2020)

DNO ASA Approves Dividends for the Year 2021 and for the Year 2022

DNO ASA Provides Production Guidance for the Year 2021

Full year 2020 earnings released: US$0.29 loss per share (vs US$0.071 profit in FY 2019)

New 90-day high: kr8.02