-
Published on Sep 15, 2016
Hurricane Energy (HUR) Lancaster oil discovery is “very significant indeed” not just
for the company but for the North Sea as a whole, so says Cantor
Fitzgerald analyst Sam Wahab.
“I believe the Lancaster development is one of the largest and most interesting projects in the UK Continental Shelf at present,” he told Proactive Investors’ Stocktube.
Wahab earlier this morning revealed a bumper upgrade to his target price for Hurricane and, moving to 69p from 26p, he now sees nearly 100% upside to the share’s current price of 35.80p.
“They [Hurricane] have got one very successful well down since the large placing they undertook earlier on this year. They are now going ahead drilling the horizontal sidetrack and that should prove up the size [of the field].
“I’d expect then that the company would come out with a new CPR, which hasn’t been revised since 2013, so we expect some significant upgrades there and obviously that would underpin the current prices.”
“Some analysts are pointing to around half a billion barrels of oil, that’s a significant in the UK North Sea, and therefore we are very bullish on this stock at present.”
Wahab also discusses the potential for Hurricane as it could potentially bring a major partner into the Lancaster project. He also talks about EnQuest, a North Sea field developer that’s run into problems with its own partnering process.
http://www.4-traders.com/HURRICANE-ENERGY-PLC-15724803/
Provisional analysis - ODT 1620m TVDSS, 240m TVD below structural closure on Lancaster pilot well @hurricomms pic.twitter.com/fF2wrvFT0s— Hurricane Energy (@hurricomms) September 9, 2016
No comments:
Post a Comment