Norwegian upstream company DNO ASA (DTNOF, DTNOY) published its 2018 annual report on March 27, 2019. According to the consolidated statements, for this Kurdistan-focused firm, 2018 was a year of sizable improvements in revenue and cash flow. EPS, however, declined YoY, primarily because of abnormal 2017 operating profit distorted by one-off item. Most importantly, in 2018, DNO was literally a cash flow machine with OCF margin of 56.8% and stellar FCF margin of 40%. Apart from that, the firm's essential performance indicator 1P Reserves replacement ratio was 100% or more in 8