Cairn, Genel, Lundin Wells Should Be in Focus This Month: HSBC
2014-10-01 11:49:22.353 GMT
By Benjamin Dow
Oct. 1 (Bloomberg) -- Investors should focus on high-impact
wells for 3 European E&Ps; North Fan (Senegal) for Cairn; Jacare
(Angola) and Nour (Morocco) for Genel; Alta and Vollgrav South
(Norway) for Lundin, HSBC says in note, saying all have material
impact on valuations.
* Cuts Tullow PT 6.1% to 1,000p, keeps overweight; cuts PT on
Africa Oil 17% to C$8.5, also keeps overweight
* Says East Africa Rift Valley is “feature of the month;”
preferred play on region remains Africa Oil
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value</li></ul>
* Says North Fan has potential to add 139p/share to Cairn’s
asset value (unrisked), 21p risked; Aragon prospect success
may add 18p/share (unrisked), 5.4p/share (risked)
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%</li></ul>
* NOTE: See Africa Oil Sept. investor presentation slide 12
for future East Africa onshore drill plans
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To contact the editor responsible for this story:
Benjamin Dow at +7-495-771-7735 or
bdow2@bloomberg.net
2014-10-01 11:49:22.353 GMT
By Benjamin Dow
Oct. 1 (Bloomberg) -- Investors should focus on high-impact
wells for 3 European E&Ps; North Fan (Senegal) for Cairn; Jacare
(Angola) and Nour (Morocco) for Genel; Alta and Vollgrav South
(Norway) for Lundin, HSBC says in note, saying all have material
impact on valuations.
* Cuts Tullow PT 6.1% to 1,000p, keeps overweight; cuts PT on
Africa Oil 17% to C$8.5, also keeps overweight
* Says East Africa Rift Valley is “feature of the month;”
preferred play on region remains Africa Oil
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value</li></ul>
* Says North Fan has potential to add 139p/share to Cairn’s
asset value (unrisked), 21p risked; Aragon prospect success
may add 18p/share (unrisked), 5.4p/share (risked)
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%</li></ul>
* NOTE: See Africa Oil Sept. investor presentation slide 12
for future East Africa onshore drill plans
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the editor responsible for this story:
Benjamin Dow at +7-495-771-7735 or
bdow2@bloomberg.net