DNO resumed production at Tawke and Peshkabir after a prolonged halt, closed the Vega Unit acquisition, and swapped Norwegian assets with Vår Energi. Full Q2 results due 13 August.
Alpha Score of 44 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
DNO ASA resumed production from its Tawke field on 28 June and the Peshkabir field on 11 July, ending a prolonged shutdown in the Kurdistan region of Iraq. The Norwegian oil and gas operator warned that ramp-up to full operations depends on well performance after the extended halt and on regional security conditions.
The company published its quarterly trading update on 28 July, ahead of full Q2 results due 13 August. DNO also closed two transactions that reshaped its Norwegian Continental Shelf portfolio.
On 30 June, DNO completed the acquisition of a 3.3 percent interest in the Vega Unit from INPEX Idemitsu Norge AS, bringing its total holding in the unit to 8.8 percent. Vega is tied back to the Gjøa platform, the same hub at the center of a larger swap deal DNO announced 18 June.
Under that swap with Vår Energi ASA, DNO will receive a five percent stake in the Gjøa field and the Gjøa Nord discovery. In exchange, Vår Energi gets a five percent interest in Nova and DNO's 15 percent stake in PL956, which covers parts of the Ringhorne Nord discovery. DNO also collects USD 17.5 million in post-tax cash. The deal streamlines DNO's Norwegian holdings and gives it a strategic position at the Gjøa hub.
Production from the Dvalin Nord field offshore Norway started on 30 June. DNO expects net output of 3,000 barrels of oil equivalent per day at plateau.
On the exploration front, DNO participated in one well during Q2. The Carmen appraisal well in PL1148, in which DNO holds a 30 percent interest, was spudded 19 April and completed 17 June. Gross recoverable resources are estimated at 21-107 million barrels of oil equivalent.
In Kurdistan, limited field operations at the Tawke license restarted 9 April with workovers on existing wells and the relaunch of an eight-well drilling campaign. The company began producing from Tawke on 28 June and from Peshkabir on 11 July. DNO said the performance of wells and surface facilities that had been shut in for a prolonged period, along with regional security conditions, will determine how quickly it ramps up and sustains full operations.
DNO paid a Q2 dividend of NOK 0.375 per share, totaling USD 39.4 million, representing NOK 1.50 per share on an annualized basis. The company also paid USD 98.3 million in Norwegian taxes related to installments for 2025 taxable profit.
Full Q2 operating and interim financial results will be published 13 August at 07:00 CET, followed by a videoconference with executive management at 10:00 CET.
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