I have been covering DNO ASA (DTNOF, 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 flow generation and incredibly low valuation, which was only partly justified by Iraqi Kurdistan-specific risks. Phenomenal netback and lifting costs, together with a versatile asset base (Kurdistan and the North Sea), emphasized the company had a strong foundation to generate free cash flow going forward, indicating that its intrinsic value was above its current market price, and, hence, created a