Energy Producers
Date: Monday 22 Jun 2015
LONDON (ShareCast) - Cantor Fitzgerald has kept a 'buy' recommendation on Lansdowne Oil & Gas after it announced it will drill the Midleton gas prospect this year.
The broker also retained its target price for the Irish oil & gas explorer at 33p.
Lansdowne announced Monday that PSE Seven Heads, a Kinsale Energy subsidiary, has contracted with Diamond Offshore Drilling to start a well during August this year, using its SEL 4/07 licence.
Kinsale Energy has 80% of the SEL 4/07 licence, while Lansdowne has the rest.
Through the farm-in agreement previously announced, Kinsale Energy will fund 100% of the drilling costs including the survey work.
"In terms of valuation, we ascribe 23.1p per share to an assumed farmed down Barryroe, 18p per share to exploration upside and -8.1p per share for financial items," Cantor said in a note.
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Currency | UK Pounds |
Share Price | 0.100p |
Closing Price Change | 0.000p |
% Change | 0.00 % |
52 Week High | 0.43p |
52 Week Low | 0.080p |
Volume | 0 |
Shares Issued | 1,393.62m |
Market Cap | £1.39m |
RiskGrade | 501 |
Value |
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Value |
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Income |
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Growth |
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No dividends found |
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