Re-Initiating DNO International For Another 60% Upside
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DNO International: Strong Buy As Upside Trend Expected To Continue
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DNO International: A Grossly Undervalued Kurdish Oil Play
Wed, May 4, 8:41 AM
Thu, Feb. 11, 7:48 AM
Wed, Jan. 6, 11:59 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF), Genel Energy (OTCPK:GEGYF) and DNO (OTCPK:DTNOF) all confirm receiving payment from the Kurdistan regional government for oil exported from the Kurdistan area of Iraq.
- DNO says it received $30M as partial payment towards oil exported from the Tawke field, which will be shared with license partner Genel Energy, and Gulf Keystone received a $15M payment for crude oil export sales from the Shaikan field; Genel announced yesterday that the Taq Taq field partners had received a $30M payment from the KRG.
- The payments appear to reflect an improvement and a regularity of payments which began in September.
Nov. 30, 2015, 10:40 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF -7.4%) plunges as a deadline approaches for Kurdistan to make good on a pledge to pay regional oil producers, Bloomberg reports.
- Gulf Keystone, Genel Energy (OTCPK:GEGYF) and DNO (OTCPK:DTNOF) are awaiting a November payment from the Kurdistan's regional government for the ~300K bbl/day they jointly produce, and failure to pay would undermine the companies’ finances and their ability to expand output.
- Gulf Keystone says it remains in talks with the KRG and expects the next payment to be in line with those received in September and October.
Oct. 20, 2015, 8:19 AM
- Kurdistan-focused Genel Energy (OTCPK:GEGYF) lowers its production forecast for this year because of earlier delays in export payments, although it has now received two monthly payouts from the regional government.
- Genel says it now expects to pump 85K-90K bbl/day in 2015, compared with a previous forecast of 90K-100K, and it narrows full-year guidance for capital spending to $150M-$175M from $150M-$200M and revenue to $350M-$375M from $350M-$400M.
- Related Kurdistan-focused tickers: OTCQX:GUKYF, OTCPK:DTNOF
Sep. 8, 2015, 12:49 PM
- Genel Energy (OTCPK:GEGYF) says Kurdistan's regional government has paid $16.5M for oil exported through the Iraq-Turkey pipeline, a day after Gulf Keystone (OTCPK:GUKYF) said a $15M payment had been authorized by Kurdistan to be wired to its account during the next seven days.
- Kurdistan said it allocated $75M of revenue from the sale of crude oil for payments; operators of the Taq Taq oil field, including Genel, will receive $30M with the same amount will go to Tawke field operator DNO (OTCPK:DTNOF), and Gulf Keystone expects to get $12M of $15M allocated for the Shaikan field, with the remainder going to its partners.
- The payments would be the first scheduled compensation to companies that have been caught for years in a dispute over revenue sharing between Kurdistan and Iraq’s federal government.
Aug. 3, 2015, 10:48 AM
- Shares of Gulf Keystone (OTCPK:GUKYF +20%), Genel Energy (OTCPK:GEGYF +7.1%) and DNO (OTCPK:DTNOF) are surging after the government of Iraqi Kurdistan said it would start paying them for oil exports next month.
- The Kurdistan Regional Government says it will begin allocating part of revenue from oil exports to producers on a monthly basis from September to cover their running expenses, and may make additional revenue available to the companies to start paying dues for past exports as shipments rise next year.
- The payments would be the first stable compensation for the companies’ exports, which have been caught for years in a dispute over revenue sharing between the KRG and Iraq’s federal government.
Aug. 7, 2014, 10:58 AM
- Shares in Kurdistan-focused oil producers plunge as Islamic State militants extend their gains in northern Iraq.
- Shares in Gulf Keystone Petroleum (OTCPK:GUKYF -7%) fell as much as 13% to their lowest level since 2010; the company, which is producing oil from the Shaikan field in Kurdistan, says its operations remain "safe and secure" but has stepped up security at its facilities.
- Genel Energy (OTCPK:GEGYF -8.3%), headed by former BP boss Tony Hayward and one of the biggest independent oil producers in Kurdistan, also fell sharply; its operations at Taq Taq are more than 60 miles away from the fighting east of Mosul.
- Shares in Norway's DNO (OTCPK:DTNOF -9.1%), another Kurdistan-focused oil explorer, continue to fall and have lost ~20% of their value this month.
Aug. 4, 2014, 9:55 AM
- Shares tumble in explorers of oil in Iraq's Kurdistan region after Islamic militants seized two oilfields in the region.
- DNO International (OTCPK:DTNOF), which produces about two-thirds of its from the Kurdish region, posted its biggest drop in Oslo trading in more than six months; while Genel Energy (OTCPK:GEGYF -1.8%) and Gulf Keystone (OTCPK:GUKYF -3.3%) also are falling sharply.
- The recent progress made by ISIS in advancing toward Kurdish areas is creating fear among investors, says a Carnegie analyst.
Jun. 12, 2014, 2:19 PM
- Shares in oil explorers focused on northern Iraq tumble amid spreading violence, yet some oil execs express a perverse optimism that the semi-autonomous Kurdish region could gain more bargaining power with the Baghdad government over oil rights and government revenues.
- Among oil majors, their Iraq holdings account for small portions of global output but development has been ongoing: BP has a 38% working interest in the Rumaila field in southern Iraq, Exxon (XOM) holds leases on ~900K acres and has development wells in the West Qurna field, Shell (RDS.A, RDS.B) owns 45% and is operator of the Majnoon field in the south, Occidental Petroleum (OXY) is among the developers of the 4B-barrel Zubair field, and Chevron (CVX) holds an 80% stake and is operator of the development-stage Qara Dagh block in Kurdistan region of Iraq.
- Among smaller producers, shares of Genel Energy (GEGYF) and Gulf Keystone (GUKYF) aren't showing big gains or losses, but DNO International (DTNOF) is ~5% lower.
Jan. 9, 2014, 5:12 PM
- Iraqi Kurdistan has started commercial shipments of oil through a new crude export pipeline to Turkey in defiance of the federal government, and the region’s Ministry of Natural Resources says the first shipment of 2M barrels will be sold by the end of January.
- The first exports on the route started flowing earlier this month from the Tawke oil field operated by DNO International (DTNOF, DTNOY), with output from the Taq Taq field operated by Genel Energy (GEGYF) and other producing fields entering the pipeline soon.
- Gulf Keystone (GUKYF, GFKSY), which earlier said it had started exports of oil from its Shaikan oilfield in Kurdistan by truck to Turkey, plans to achieve output of 100K bbl/day in 2015.
- Monthly flows through the pipeline to the Turkish port of Ceyhan are set to rise to 4M barrels next month and 6M in March before reaching 10M-12M by year-end.
DNO International ASA explores for and produces oil and gas. The Company operates in the North Sea, the Middle East, and Africa.
Sector: Basic Materials
Industry: Electric Utilities
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