DNO (OB:DNO) Trades North Sea Assets With Aker BP Are Portfolio Reshuffles Shaping Its Growth Ambitions?

• On November 6, 2025, Aker BP ASA announced a series of agreements with DNO ASA to exchange ownership interests across several North Sea licenses, including transferring development-phase operatorship of the Kjøttkake discovery to Aker BP and divesting its Verdande field interest to DNO.
• This collaboration enhances operational focus for both companies and enables Aker BP to leverage rapid development capabilities while giving DNO increased stakes in producing fields.
• We’ll explore how DNO’s expanded North Sea positions through these agreements could reshape its long-term growth outlook and portfolio balance.

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DNO Investment Narrative Recap

To own DNO, you need to believe its expanded North Sea footprint and increased production capacity can offset persistent risks from geopolitical instability and payment issues in Kurdistan. The recent asset swap with Aker BP further positions DNO in producing fields but does not change the fact that near-term production reliability and payment flows from Kurdistan remain the biggest catalyst and risk, respectively, these dynamics are unchanged by the news.

Among DNO’s recent updates, the company’s Q4 2025 production guidance, which targets a marked increase in North Sea output following the Sval Energi and Verdande integrations, closely ties to the significance of this new agreement. Steadier North Sea operations could help stabilize earnings as DNO manages volatile Kurdistan performance and awaits resolution on outstanding receivables there.

However, despite this North Sea growth, ongoing payment uncertainties from the Kurdistan regional and central governments present a continuing risk investors should keep in mind, especially as...

Read the full narrative on DNO (it's free!)

DNO's narrative projects $2.7 billion in revenue and $453.5 million in earnings by 2028. This requires 50.4% yearly revenue growth and a $544.3 million increase in earnings from the current -$90.8 million.

Uncover how DNO's forecasts yield a NOK18.17 fair value, a 19% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members provided six fair value estimates for DNO, ranging from NOK9.68 to NOK57.16 per share. As you consider these diverse views, remember current production growth may be tempered if key Middle East market uncertainties persist.

Explore 6 other fair value estimates on DNO - why the stock might be worth 37% less than the current price!

Build Your Own DNO Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your DNO research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free DNO research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate DNO's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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