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    Renewed Kurdistan Drilling And 500 Million Barrels Milestone Could Be A Game Changer For DNO (OB:DNO)

    Simply Wall St·12/14/2025 11:11:57
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    • DNO ASA recently announced that it has passed 500 million barrels of cumulative production from the Tawke license in Kurdistan and restarted drilling after a two-and-a-half-year pause, with two rigs set to support a broader well program.
    • This marks a renewed operational push in Kurdistan as the company targets a 25% increase in gross operated output, underlining management’s confidence in extracting additional volumes from these mature fields.
    • We’ll now explore how this renewed Kurdistan drilling program, aiming for higher production, may influence DNO’s existing investment narrative.

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    DNO Investment Narrative Recap

    To own DNO today, you need to believe the company can turn its Kurdistan and North Sea asset base into more stable cash generation despite geopolitical and payment risks. The Tawke drilling restart and 25% output target directly address the short term risk that mature Kurdistan fields could decline without fresh capex, but they do not remove exposure to security incidents or irregular payments from regional authorities.

    Among recent announcements, DNO’s Q3 2025 results and guidance stand out, with management flagging Kurdistan gross operated Tawke production of around 80,000 barrels per day by Q4 2025. Set against the new drilling program that aims for 100,000 barrels per day, this frames Kurdistan as both a key potential volume catalyst and an area where operational progress still sits on top of material political and receivables risk.

    Yet as production ramps, investors should be aware that ongoing payment uncertainties in Kurdistan could still...

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

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

    Uncover how DNO's forecasts yield a NOK18.50 fair value, a 21% upside to its current price.

    Exploring Other Perspectives

    OB:DNO 1-Year Stock Price Chart
    OB:DNO 1-Year Stock Price Chart

    Six members of the Simply Wall St Community place DNO’s fair value between NOK9.68 and NOK92.99, showing very different views on upside. Set against that spread, the renewed Kurdistan drilling push and associated geopolitical and payment risks give you strong reasons to compare several perspectives before deciding how DNO might fit into your portfolio.

    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 3 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.