BUZZ-DNO: Least-preferred Kurdistan name - Stifel resumes with "hold"

** Stifel resumes coverage of Norwegian oil firm DNO with "hold" rating and PT of NOK 18

** Brokerage says for the company, which currently generates material free cash flow (FCF) from a mature Kurdistan asset base, challenge remains to find sufficiently sizeable opportunities for reinvestment

** According to Stifel, reserves need to fall at DNO's principal asset, Tawke, because the field is in decline, yet the reserves currently recognised imply sustained flat production

** It states Faroe Petroleum acquisition may not have solved DNO's "strategic conundrum"

** Moreover, the broker writes that the market is overlooking the inferior growth outlook - says company is more reliant for growth on pure exploration than either of its Kurdistan peers

** The five-star broker names DNO its "least-preferred Kurdistan name"

** On the other hand, calls Gulf Keystone Petroleum its preferred name, initiating coverage of the stock with "buy" rating