DNO is a Norwegian-listed mid-cap E&P built on two pillars: high-margin, low-cost onshore oil in Kurdistan (operated Tawke licence — Tawke and Peshkabir fields) and a North Sea portfolio across Norway and the UK. In 2025 it transformed its geographic balance by acquiring Sval Energi, roughly quadrupling North Sea production so that the region now supplies the majority of group output (~82 mboe/d of ~150 mboe/d 2026 guidance) versus ~65 mboe/d from Kurdistan.
FY2025 revenue jumped ~121% to ~$1.47bn with EBITDA of ~$0.83bn as Sval consolidated, yet the group posted a small net loss (~-$25m) on acquisition-driven DD&A step-up and financing costs, and net debt swung to ~$0.9bn. The investment case pivots on North Sea cash flow and the Brasse/Bestla development (start ~H1 2027) diversifying away from Kurdistan, whose value hinges on an ITP pipeline restart and resolution of KRG payment arrears; the ~8% dividend yield is a key attraction but is thinly covered by earnings.
Its EV/EBITDA of 3.1x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -2.2% is lower than the 6.5% median, and at $9.77/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, DNO ASA scores 46/100, strongest on valuation (63/100). Sub-scores: value 63, quality 36, growth 40, risk 63 (higher = riskier).
DNO ASA holds approximately 0.26 billion boe of proved (1P) reserves with FY2025 production of about 111 thousand boe/d (55% liquids), a reserve life of roughly 6.5 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost Kurdistan barrels (opex well below $10/bbl at Tawke/Peshkabir) anchor a group Brent FCF breakeven around $40/bbl, though North Sea additions and decommissioning spend raise the blended sustaining level; Kurdistan cash realisation depends on ITP pipeline restart and KRG payments rather than price alone.
For DNO ASA, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Norway | 48% | 3 | Stable, predictable; high but transparent 78% tax. |
| Iraq (Kurdistan) | 43% | 96 | Pipeline shut since 2023, payment arrears, Baghdad-Erbil-security disputes. |
| United Kingdom | 7% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
| West Africa | 2% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Tawke | Iraq (Kurdistan) | Oil | Flagship operated field (75% WI); low-cost, but sales constrained by ITP pipeline shut-in since Mar-2023 |
| Peshkabir | Iraq (Kurdistan) | Oil | Second Kurdistan field on the Tawke licence; on-stream 2018, gas re-injection into Tawke |
| Sval Energi North Sea portfolio | Norway | Oil & Gas | 2025 acquisition; ~quadrupled North Sea output, now majority of group production |
| Brasse / Bestla | Norway | Oil | Operated development; FID Apr-2024, ~24 mmbbl recoverable, first oil ~H1-2027 |
| Norwegian Continental Shelf licences | Norway | Oil & Gas | Broad NCS producing and exploration acreage (incl. Fenja, Norne-area interests) |
| UK Continental Shelf | United Kingdom | Oil & Gas | UKCS interests adding North Sea gas and oil weighting |
| West Africa (Cote d'Ivoire) | West Africa | Oil & Gas | ~3 mboe/d minor West African production interest |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 104 | 108 | 99 | 87 | 111 |
| Proved reserves (bnboe) | 0.40 | 0.38 | 0.36 | 0.34 | 0.26 |
| Revenue ($bn) | 1.0 | 1.4 | 0.7 | 0.7 | 1.5 |
| EBITDA ($bn) | 0.6 | 1.0 | 0.4 | 0.3 | 0.8 |
| Net income ($bn) | 0.2 | 0.4 | 0.0 | -0.0 | -0.0 |
| Free cash flow ($bn) | 0.5 | 0.8 | 0.0 | 0.2 | -0.0 |
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✓ FY2025 figures verified against primary sources: