DNO ASA: The Thesis Has Temporarily Stalled

by: Vasily Zyryanov
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Vasily Zyryanov
Long/short equity

DNO ASA stock has delivered negative returns YTD due to unfavorable oil price and financial performance that not impressed investors.

Negative Q3 profit is worrisome, but, thankfully, it was mostly impacted by non-cash expenses and did not shatter cash flow.

Appraisal in the Baeshiqa license is of a certain importance, as the commerciality of the recent discovery is yet to be determined.

I have been covering DNO ASA (OTCPK:DTNOF, OTCPK:DTNOY), the Norwegian Kurdistan-focused exploration & production company, since April 2019. When I came across the stock, I was impressed by its stellar free cash