Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr6.83, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 13x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 305% over the past three years. Duyuru • Apr 17
Erik Frydendal, CEO Leaves Hunter Group ASA, Effective from October 31, 2026 Hunter Group ASA announced that the Board has concluded that a new CEO is needed for the next phase of the Company. Therefore, the Board has decided to end Mr. Erik Frydendal's tenure as CEO. Mr. Frydendal has a 6 month notice period. His last day of employment will be at the latest October 31st 2026. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr6.81, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 13x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 280% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to kr5.75, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 12x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 153% over the past three years. Duyuru • Mar 20
Hunter Group Asa Reaffirms Dividend Hunter Group ASA reiterates its intention to declare a NOK 0.58 per share dividend as soon as the authorisation has been duly registered. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr4.77, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 11x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 88% over the past three years. New Risk • Mar 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 68% per year over the past 5 years. High level of non-cash earnings (210% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr630.2m market cap, or US$65.2m). Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: US$0.10 (vs US$0.095 loss in FY 2024) Full year 2025 results: EPS: US$0.10 (up from US$0.095 loss in FY 2024). Net income: US$14.1m (up US$25.9m from FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Duyuru • Feb 26
Hunter Group ASA Announces Cash Dividend , Payable on or About 16 March 2026 Hunter Group ASA announced cash dividend of NOK 0.40 per share with Dividend classification of Repayment of paid-in capital, Last day including right of 27 February 2026, Ex-date of 2 March 2026, Record date of 3 March 2026, Payment date of 16 March 2026 (On or about) and Date of approval of 25 February 2026. Recent Insider Transactions • Dec 26
Chief Executive Officer recently bought kr215k worth of stock On the 23rd of December, Erik A. Frydendal bought around 123k shares on-market at roughly kr1.75 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Erik A. has been a net seller over the last 12 months, reducing personal holdings by kr2.0m. Duyuru • Nov 27
Hunter Group ASA Declares Cash Dividend, Payable on or About December 15, 2025 Hunter Group ASA declared cash dividend of NOK 0.30 per share. Last day including right: 28 November 2025. Ex-date: 1 December 2025. Record date: 2 December 2025. Payment date: 15 December 2025 (On or about). Duyuru • Sep 04
Hunter Group ASA Announces CFO Changes Hunter Group ASA announced that the Company's Chief Financial Officer (CFO), Lars Brynildsrud, has submitted his resignation in order to pursue new ventures outside the Company. He will remain in his position during the notice period, until 31 March 2026, or earlier subject to mutual agreement. Following his departure, CEO Erik Frydendal will assume the role of CFO in addition to his current responsibilities. New Risk • Aug 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr101.7m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 70% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (kr101.7m market cap, or US$9.91m). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr1.13, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to kr1.58, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 9x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 108% over the past three years. Duyuru • Dec 23
Hunter Group ASA, Annual General Meeting, May 08, 2025 Hunter Group ASA, Annual General Meeting, May 08, 2025. Duyuru • Dec 21
Hunter Group ASA to Report Q3, 2025 Results on Nov 27, 2025 Hunter Group ASA announced that they will report Q3, 2025 results on Nov 27, 2025 Recent Insider Transactions • Dec 06
Independent Director recently bought kr399k worth of stock On the 3rd of December, Bertel Steen bought around 500k shares on-market at roughly kr0.80 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 3.5% per year over the past 5 years. High level of non-cash earnings (324% accrual ratio). Shareholders have been substantially diluted in the past year (369% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (124% net profit margin). Market cap is less than US$100m (kr343.1m market cap, or US$32.5m). New Risk • Mar 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 21% Last year net profit margin: 258% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Dividend per share is over 235x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (34% accrual ratio). Shareholders have been substantially diluted in the past year (369% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (21% net profit margin). Revenue is less than US$5m (US$2.0m revenue). Market cap is less than US$100m (kr323.3m market cap, or US$29.7m). Board Change • Mar 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 05
Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.85 million. Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.85 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,200,000
Price\Range: NOK 1.75
Transaction Features: Rights Offering Recent Insider Transactions • Feb 21
Board Member recently bought kr917k worth of stock On the 15th of February, Bertel Steen bought around 458k shares on-market at roughly kr2.00 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr917k more in shares than they have sold in the last 12 months. Board Change • Feb 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Feb 06
Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999999 million. Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999999 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 6,666,666
Price\Range: NOK 1.5
Transaction Features: Rights Offering Duyuru • Feb 05
Hunter Group ASA to Report Fiscal Year 2023 Results on Mar 28, 2024 Hunter Group ASA announced that they will report fiscal year 2023 results on Mar 28, 2024 Duyuru • Jan 12
Hunter Group ASA, Annual General Meeting, Feb 02, 2024 Hunter Group ASA, Annual General Meeting, Feb 02, 2024. Duyuru • Jan 11
Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.85 million. Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.85 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 14,200,000
Price\Range: NOK 1.75
Transaction Features: Rights Offering Board Change • Jan 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 15
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Dec 07
Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 21.5 million. Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 21.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 14,333,333
Price\Range: NOK 1.5
Transaction Features: Subsequent Direct Listing Duyuru • Dec 02
Hunter Group ASA has filed a Follow-on Equity Offering. Hunter Group ASA has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Duyuru • Nov 12
Hunter Group ASA Successfully Completes the First Phase of the Development of Low-Pressure Mid-Stream Shipping Solution Hunter Group ASA announced that it, in close collaboration with DNV and Vedam Design has successfully completed the first phase of the development of a low-pressure mid-stream shipping solution for Carbon Capture, Transportation and Storage, involving 40k cbm deep sea liquefied CO2 carriers (\"LCO2\"), 12k cbm LCO2 feeder vessels and 2k cbm LCO2 barges for riverine/port support. The solution is technically innovative and should lead to significant cost savings compared with existing LCO2 ship designs. As the project is progressing towards commercialization, the company now entering a new phase which will involve adapting the solution to the latest IMO and EU regulations. The company have been contacted by several interested parties, but given the recent headwinds in the CCTS value chain, and the high price of new buildings, firm long-term contracts will be needed before any vessel orders can be placed. The company remain firm believers in CCTS' role in the fight against climate change and will continue to diligently develop and promote CCTS solution to ensure that the company is ready when the market for maritime LCO2 transportation gains traction. Board Change • Oct 03
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 31
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 27
First quarter 2023 earnings released First quarter 2023 results: Net loss: US$2.34m (loss widened 233% from 1Q 2022). Revenue is expected to fall by 162% p.a. on average during the next 2 years compared to a 2.1% decline forecast for the Oil and Gas industry in the United Kingdom. Duyuru • May 23
Hunter Group ASA to Report Q4, 2023 Results on Feb 29, 2024 Hunter Group ASA announced that they will report Q4, 2023 results on Feb 29, 2024 Board Change • May 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Kristin Hellebust was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: US$0.08 (vs US$0.007 in FY 2021) Full year 2022 results: EPS: US$0.08 (up from US$0.007 in FY 2021). Revenue: US$18.4m (down 52% from FY 2021). Net income: US$46.1m (up US$42.3m from FY 2021). Revenue is expected to fall by 150% p.a. on average during the next 2 years compared to a 4.5% decline forecast for the Oil and Gas industry in the United Kingdom. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Feb 17
Hunter Group ASA Not Approves Extraordinary Dividend Hunter Group ASA announced at extraordinary general meeting held on 16 February 2023, an extraordinary dividend of NOK 22,685,967.48, i.e., NOK 0.04 per share, based on the interim balance sheet as of 19 December 2022, is approved. The dividend shall be paid to the shareholders as of 17 February 2023 (last day including), as registered in Euronext Securities Oslo (VPS) as per 21 February 2023 (record date). The dividend will be charged the Company's earned capital. The dividend shall be paid to the shareholders as soon as possible following the record date. The proposal did not obtain the required voting majority. Recent Insider Transactions • Feb 12
Independent Chairman recently sold kr149k worth of stock On the 10th of February, Henrik Christensen sold around 750k shares on-market at roughly kr0.20 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr1.6m. This was Henrik's only on-market trade for the last 12 months. Duyuru • Feb 12
An unknown buyer acquired a 11.91% stake in Hunter Group ASA from AF Capital AS. An unknown buyer acquired a 11.91% stake in Hunter Group ASA from AF Capital AS on February 10, 2023.An unknown buyer completed the acquisition of a 11.91% stake in Hunter Group ASA from AF Capital AS on February 10, 2023. Recent Insider Transactions • Feb 02
Independent Director recently sold kr1.6m worth of stock On the 30th of January, Arne Fredly sold around 20m shares on-market at roughly kr0.078 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr16m more than they sold in the last 12 months. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$0.08 (vs US$0.007 in FY 2021) Full year 2022 results: EPS: US$0.08 (up from US$0.007 in FY 2021). Revenue: US$73.9m (up 95% from FY 2021). Net income: US$46.1m (up US$42.3m from FY 2021). Profit margin: 62% (up from 10.0% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to fall by 150% p.a. on average during the next 2 years compared to a 5.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 26% per year. Upcoming Dividend • Jan 25
Upcoming dividend of kr1.80 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 07 February 2023. Trailing yield: 73%. Within top quartile of British dividend payers (5.4%). Higher than average of industry peers (6.4%). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr1.87, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 4x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 39% over the past three years. Recent Insider Transactions • Dec 22
Independent Director recently bought kr17m worth of stock On the 20th of December, Arne Fredly bought around 8m shares on-market at roughly kr2.17 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: EPS: US$0.011. Revenue: US$3.60m (down 51% from 3Q 2021). Net income: US$5.78m (up US$7.50m from 3Q 2021). Revenue is expected to fall by 106% p.a. on average during the next 3 years compared to a 6.9% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year and the company’s share price has also fallen by 25% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be kr2.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 4.2%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 179% in the next 2 years. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: US$0.02 (vs US$0.005 in 2Q 2021) Second quarter 2022 results: EPS: US$0.02 (up from US$0.005 in 2Q 2021). Revenue: US$5.79m (down 35% from 2Q 2021). Net income: US$10.8m (up 353% from 2Q 2021). Over the next year, revenue is forecast to grow 102%, compared to a 18% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 28
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$7.76m (down 38% from 1Q 2021). Net loss: US$702.0k (down 127% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 45%, compared to a 24% growth forecast for the industry in the United Kingdom. Board Change • May 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.01 (down from US$0.11 in FY 2020). Revenue: US$40.4m (down 63% from FY 2020). Net income: US$3.78m (down 94% from FY 2020). Profit margin: 9.3% (down from 58% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 14%, compared to a 22% growth forecast for the oil industry in the United Kingdom. Board Change • Feb 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: US$7.32m (down 80% from 3Q 2020). Net loss: US$1.71m (down 108% from profit in 3Q 2020). Revenue exceeded analyst estimates by 8.8%. Over the next year, revenue is expected to shrink by 13% compared to a 15% growth forecast for the industry in the United Kingdom. Board Change • Oct 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 27
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$11.5m (down 61% from 2Q 2020). Net income: US$2.38m (down 87% from 2Q 2020). Profit margin: 21% (down from 64% in 2Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$2.79, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 41% over the past year. Reported Earnings • May 29
First quarter 2021 earnings released: EPS US$0.005 (vs US$0.02 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$12.5m (down 40% from 1Q 2020). Net income: US$2.59m (down 78% from 1Q 2020). Profit margin: 21% (down from 57% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. 
