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Mackie Research hikes price target for Point Loma Resources after completion of Judy Creek acquisition

Friday, March 3, 2017 8:26
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Mackie Research has hiked its price target for Canadian explorer Point Loma Resources Ltd (CVE:PLX) by 10% after the firm announced the completion of the Judy Creek asset acquisition this week.

Reiterating a ‘buy’ rating on the stock, Mackie analyst Bill Newman raised the target for Point Loma to C$1.100 from C$1.00 having increased his risked net asset value estimate to C$1.37 per share from C$1.34.

Newman said the increase reflects the fact that Point Loma only issued 3.35 mln shares to complete the acquisition versus the 4.00 mln that was originally announced due to minor closing adjustments.

The analyst noted that with the completion of the acquisition, Point Loma’s total land position increases by 105,000 acres to over 225,000 net acres.

He also highlighted upcoming production increases to over 900 barrels of oil equivalent per day (boe/d), with a further 450 boe/d expected to be on production this summer.

Newman pointed out that the company plans to drill up to three wells in the third-quarter which he expects to increase production to 1,750 boe/d by the year-end.

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