Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Will COPL double? Broker upgrade sets 21p target ahead of Exxon’s well

Tuesday, October 25, 2016 5:53
% of readers think this story is Fact. Add your two cents.

With a new target price Shore Capital sees the share price of Canadian Overseas Petroleum Limited (LON:COPL) doubling.

Shore Cap today repeated a ‘buy’ and lifted its target price from 16p to 21p, which suggests around 100% upside to the current price of 10.6p.

It comes ahead of a potentially game changing drill programme in the deep waters off the Liberian coast. Expectations surfaced earlier this month that the well would spud in November.

“We had believed that an early spud date was quite possible and are therefore highly encouraged to see the reports of plans to commence drilling next month,” analyst Craig Howie said in a note.

He added: “Mesurado-1 is a high impact well and, given the strong subsurface understanding and presence of a lucrative multi-well carry, we believe that the risks lie firmly on the upside for COPL.”

Howie also highlights the boost from the recently completed acquisition in Nigeria, which adds near term production and exploration potential into the mix for COPL.

“In our opinion, OPL 226 is a highly complementary (and value-accretive) addition, reinforcing COPL’s African footprint and bringing a later stage asset into the portfolio. The acreage contains an existing discovery and an offset well location has already been identified,” he added.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.