Global

DNO: Focusing on cash flows in 2020

  • We upgrade the DNONO 23s and 24s to Buy and reiterate Hold on the DNONO 20s

  • DNO has operating and financial flexibility to adjust to the changing environment and is well funded for 12+ months

  • We estimate the Kurdistan and North Sea operations could be self-funding in April-December 2020 if Brent stays at cUS$30

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Kiti Pantskhava @ Tellimer Research
May 12th, 2020
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