Estimate changes from Crude Quarterly

Research evidence excerpt

Estimate changes from Crude Quarterly

Equity Research - 25 June 2026 06:49 CEST

Reason: Estimate change notificationDNO

• We raise our '26e oil price forecast to USD 84/bbl (prev. 81) and

reiterate our long-term oil price forecast of USD 75/bbl for '27e-'30e.

• We lower our '26e gas price forecast to USD 14.4/MMBtu (prev. Oil & Oil Services

14.6). We reiterate our '27e gas price forecast of USD 11.0/MMBtu

and our long-term gas price forecast of USD 9.0/MMBtu for '28e-'30e. Estimate changes (%)

• We reiterate our USD/NOK assumption of 10.0 from Q3'26e onwards. 2026e 2027e 2028e

• Please see the table below for a summary of our estimate changes Sales 0.5 1.0 1.0 EBIT -0.2 7.4 11.3

and refer to our Crude Quarterly report for further details.

EPS -13.9 9.2 17.4

Source: ABG Sundal Collier

In our 25 June Crude Quarterly report, we update our oil and gas price

assumptions for our covered E&Ps. See the report for more details on our DNO-NO/DNO NO

new oil market estimates and our updated price assumptions. Also, see Share price (NOK) 23/6/2026 17.29

below in this report for quarterly and annual company estimates. Target price (20.00) 19.00

Note: DNO's operations in Kurdistan have been temporarily suspended

since 28 February as a precaution due to the Iran war. In our new MCap (NOKm) 16,858

estimates, we assume that production in Kurdistan will start to resume MCap (EURm) 1,515

at stepped-up rates from early Q3'26, with normalised production from

No. of shares (m) 975.0

Q4'26. We also assume that DNO will regain access to global oil prices in

Free float (%) 81.1Kurdistan from Q4'26, while continuing to sell its entitlement oil locally on a

cash-and-carry basis in the low USD 30s until then. Av. daily volume (k) 4,691

Next event Q2 report 13 August 2026

Performance

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