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DNO North Sea Exploration Gains Traction with Latest Discovery

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DNO ASA
·2 min read
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Oslo, 5 February 2021 – DNO ASA, the Norwegian oil and gas operator, today confirmed an oil and gas discovery on the Røver Nord prospect in the Norwegian North Sea license PL923 in which the Company holds a 20 percent interest. Preliminary estimates of gross recoverable resources are in the range of 45-70 million barrels of oil equivalent (mmboe), well above pre-drill estimates.

The exploration well encountered a 45 meter gas and light oil column in the Oseberg formation, a six meter light oil column in the Drake formation and a 10 meter gas column in the Etive formation. A sidetrack encountered a 17 meter light oil column in the Oseberg formation and a 12 meter light oil column in the Etive formation. Following extensive data acquisition including logging, coring and fluid sampling, the discovery well was plugged and abandoned, and the rig moved off location.

The partners are considering fast-track development of the discovery with tie-back to nearby Troll area infrastructure, as well as additional drilling to test other identified prospects on the license.

“Coming on the heels of the Bergknapp discovery in 2020 in which DNO has a 30 percent interest, we continue to gain traction and materiality in our North Sea exploration program,” said Bijan Mossavar-Rahmani, DNO's Executive Chairman.

DNO has scheduled another five exploration and appraisal wells in the North Sea this year, including the highly anticipated Edinburgh prospect that straddles the Norway-United Kingdom border (DNO 45 percent) and the Gomez prospect offshore Norway (DNO 85 percent).

The partners in license PL923, in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include Equinor ASA as operator with 40 percent and Petoro AS and Wellesley Petroleum AS with 20 percent each.

DNO has 76 licenses in Norway (of which 19 are operated) including eight producing licenses with combined average daily production of 16,500 barrels of oil equivalent in 2020 and six licenses with discoveries pending decisions about development. In the latest APA licensing round DNO was granted another 10 exploration licenses of which four are operated.

–

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

–

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Netherlands, Ireland and Yemen.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


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    The recovery from the coronavirus crash in March 2020 looked similar to 2009 at the time. Now, almost a year later it looks even more similar, says DataTrek's Nicholas Colas.

  • 4 Qualcomm Analysts On 'Capacity-Constrained' Quarter, 2021 Outlook

    QUALCOMM, Inc. (NASDAQ: QCOM) shares pulled back Thursday in the wake of the company's first-quarter report. The Qualcomm Analysts: Rosenblatt Securities analyst Kevin Cassidy maintained a Buy rating on Qualcomm shares and upped the price target from $175 to $180. Morgan Stanley analyst Joseph Moore maintained an Overweight rating and lowered the price target from $171 to $167. Raymond James analyst Chris Caso reiterated a Strong Buy rating and $190 price target. KeyBanc Capital Markets analyst John Vinh maintained an Overweight rating and $180 price target. Why Qualcomm's 5G Upgrade Prospects Are Intact: Qualcomm delivered an in-line revenue quarter, with industrywide capacity constraints limiting upside to revenue, Rosenblatt analyst Cassidy said in a note. Earnings exceeded expectations due to a higher gross margin, which benefited from certain customers making early and unexpected deliveries of products, the analyst said. The guidance for a seasonal decline in March quarter revenue and a sharp sequential decline in margin at the Qualcomm Technology Licensing segment should disappoint investors, he said. "We see this as temporary and not a structural change to the company's profitability." The guidance for a 4% sequential decline in the Qualcomm CDMA Technologies segment revenue is well above the 15% seasonal decline, Cassidy said. The upside will stem from increasing content in 5G smartphones and strong demand for adjacent automotive and IoT products, the analyst said. Rosenblatt said it sees no structural change to Qualcomm's prospects in front of the 5G upgrade cycle. Related Link: Qualcomm Analysts Hail Huawei Settlement As Asserting Company's 5G Tech Leadership Morgan Stanley Sees Qualcomm Tailwinds: Qualcomm's Chipsets segment revenue guidance for the March quarter was stronger than expected, but the company signaled a drawdown in the June quarter, Morgan Stanley analyst Moore said. View more earnings on QCOM This, along with lower royalty revenues for the March and June quarters, makes the quarter a complicated one, the analyst said. Operating expenses were slightly higher, and mix-related gross margin pressure is evident in chipsets, he said. All of these factors will be negative for the June quarter, Moore said. Royalties will reflect weaker expectations from Huawei in the March quarter and beyond, the analyst said. Yet the Huawei shortfall has been a key driver of the chipset outperformance, as the market share that previously accrued to Huawei shifts to Qualcomm customers, he said. Morgan Stanley said it still sees the potential for Qualcomm's tailwinds to resume going forward. Raymond James Sticks To Qualcomm Thesis: Qualcomm delivered a mixed report in which supply constraints failed to deliver the upside the Street had hoped for, Raymond James analyst Caso said. Yet the March quarter was solidly ahead and better than seasonal, with auto/IoT continuing to beat expectations, the analyst said. Commentary on the June quarter, he said, implied that chipset revenue would decline by about 14% sequentially due to Apple Inc (NASDAQ: AAPL) seasonality. The China revenue opportunity — driven by replacing Huawei/HiSilicon — is now pushed to the second half of fiscal 2021 due to supply constraints, Caso said. "Net, the report probably isn't good enough for today given the stock's recent run, but it also doesn't change our thesis, and our FY22 numbers remain largely unchanged." Qualcomm's 2021 Looks Robust, KeyBanc Says: The company expects the supply constraints to impact first-half results and normalize in the second half, analyst Vinh said in a note. According to the company, the key drivers for 2021 are an anticipated high-single-digit annual increase in total global handset shipment, a doubling of 5G smartphones in 2021 to 500 million and anticipated share gains related to other OEMs gaining share at the expense of Huawei, the analyst said. QCOM Price Action: At last check, Qualcomm shares were retreating 8.83% to $147.97. Related Link: 'Halftime Report' Final Trades: Qualcomm, Blackstone And More Photo: Qualcomm. Latest Ratings for QCOM DateFirmActionFromTo Feb 2021Morgan StanleyMaintainsOverweight Feb 2021RosenblattMaintainsBuy Feb 2021CitigroupDowngradesBuyNeutral View More Analyst Ratings for QCOM View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaWhy Plug Power Is Rising For Fourth Straight SessionNio's Smart EV Industrial Park Partnership With Hefei Government: What You Need To Know© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Why Plug Power Is Rising For Fourth Straight Session

    Plug Power Inc (NASDAQ: PLUG) shares have been on roll this week and are gaining for the fourth consecutive session. Plug Power Shares Northward Bound: Plug Power stock, which began to lose some momentum after it hit an all-time high of $75.49 on Jan. 26, has got its mojo back. After settling the week ended Jan. 29 down about 5.5% at $63.17, the stock started the running week on a firm note. The stock gained a little over 1% Monday and a more modest 0.6% Tuesday. The rally picked up steam Wednesday, with the hydrogen fuel cell energy company adding about 5% in the session. The stock is higher yet again Thursday. The Drivers Behind the Rally: In general, green energy stocks are in favor amid the thrust to move away from non-renewable, pollution-causing fossil fuels. The change of guard at White House, which is pro-green energy only added to the enthusiasm. Related Link: Why Plug Power's Lead In Fuel Cell, Hydrogen Space Could Create 'Outsized Winner' In company-specific news, Plug Power is planning to build a green hydrogen plant in New York's Genesee County, Buffalo News reported Wednesday. The plant will supply to freight transportation and materials handling equipment, the report said. Construction is set to start in March and is expected to be completed by December 2022. The report also said the Western New York Power Proceeds Allocation Board has recommended awarding $1.5 million to support Plug Power's project. Some of the buoyancy in the stock Wednesday may also have to do with Bernstein initiating coverage of Plug Power shares with an Outperform rating and $75 price target. Wall Street analysts, on average, have a Strong Buy rating on Plug Power shares. The average 12-month price target for the shares is $65.65, which incidentally suggests downside from current levels. PLUG Price Action: At last check, Plug Power shares were up 1.37% at $68.30. Related Link: Plug Power CEO Nets .4M In Planned Sale Of Hydrogen Fuel Cell Company's Stock See more from BenzingaClick here for options trades from BenzingaPlug Power Shares Pull Back: What Investors Need To KnowPlug Power Resumes Rally After Raising 2021 Gross Billings Guidance© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • This Covid Vaccine Maker Surged On A Big Investment — But Is INO Stock A Buy?

    Inovio has thrown its hat into the coronavirus vaccine ring with big biopharma names like Moderna, Johnson & Johnson and Pfizer. But INO stock is volatile on its vaccine news.