* We raise our '26e oil price forecast to USD 93/bbl (prev.
* Q2 EBITDA NOK 100m vs. ABGSCe NOK 85m on overlift * Limited underlying long-term production changes * Fair value range NOK 1.
* Q1 EBITDA NOK 167m, 14% above ABGSCe * '26e production down 3%, '27e-'28e unchanged * Fair value range NOK 1.
* We raise our '26 oil price estimate to USD 81/bbl (prev.
* Strong A15 contribution, ’26e production up ~20% * Recent Brage updates imply ~NOK 0.
* Strong Q3 production of 2.9kboe/d vs. ABGSCe 2.4kboe/d * '26e EBITDAX up 3% on higher Brage production * Fair value range of NOK 1.
* Q2 below ABGSCe; revenues in line, but costs higher * Talisker adds NOK ~0.
Q1 figures above ABGSCe Minor underlying changes, applying our latest oil market view Fair value range of NOK 1.
Q4 figures slightly below ABGSCe Brage reserve uplift strengthens production outlook and valuation We increase our fair value range to NOK 1...
Q3 figures below due to maintenance on Brage Løvmeis plugged and abandoned, Bounty next We reiterate our fair value range of NOK 1.
Q2 numbers much as expected Løvmeis exploration well to be drilled in Q3 Reiterate fair value range of NOK 1.
Including Brage acquisition in our estimates Løvmeis exploration well in Q3'24 - the next big event Revised fair value range of NOK 1.
• H1'23 numbers as expected • Dugong first oil likely delayed to 2029 • Revised fair value range of NOK 1.
First oil at Dugong estimated in 2027 Promising Løvmeis exploration well to be drilled in Q3'24 Revised fair value range of NOK 1.
Dugong Tail to be drilled in Q3 Molaris on hold, could add Shamu Tax system under review Petrolia Noco reported H1’21 EBITDAX of NOK -14m, i...
