Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

COPL could be worth double, says Shore Capital

Friday, November 11, 2016 4:03
% of readers think this story is Fact. Add your two cents.

(Before It's News)

A City broker has repeated its bullish valuation of Canadian Overseas Petroleum (LON:COPL, CVE:COPL) in the wake of an update from the explorer.

Shore Capital estimates the risked net asset value for COPL to be 21p – more than double the current share price.

It was reassured by the company’s update earlier Friday in which it confirmed a potentially game-changing well off the coast of Liberia will start drilling by the end of the year.

Mesurado-1 is being sunk by the giant Exxon, which is majority owner of Block LB-13, with Canadian Overseas holding a fully-carried 17%.

“[It] 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,” Shore said in a note to clients.

The company’s quarterly update showed the company was sitting on $3.7mln of cash.

COPL is not just about Liberia. It teamed up with a local company called Shoreline to acquire control of licence in the Niger Delta that provides it access to near-term production.

Story by ProactiveInvestors

Report abuse

Comments

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

Register

Newsletter

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.