Ophir Falls; Lacks High Impact Drilling Program, SocGen Says
2014-08-12 08:39:47.392 GMT
By James Cone
Aug. 12 (Bloomberg) -- Ophir falls as much as 3.2% in 5th
day of declines as Societe Generale cuts to hold from buy,
reduces PT 34% to 230p, according to note.
* 2nd biggest decliner on SXEP oil & gas index, volume on shrs
~17% of 3-month daily avg
* SocGen: visible forward drilling program lack exposure to
high impact frontier exploration wells; sees shrs to be
influenced more by value of core assets rather than risked
upside over next 12 months
* Says potential upside from monetization solution of
Equatorial Guinea gas discoveries, remains contingent
asset as process to find FLNG partner seen likely in
2015
* At 1H results on Aug. 14, expects capex above forecast
($635m vs $500m) on increased expenditure in Gabon,
Myanmar, Seychelles
* Expects questions on potential of share buyback, sees
cash position at end 2014 ~$1b
* Ophir is down 39% YTD, 3rd biggest drop in SXEP (+3.1%)
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To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-08-12 08:39:47.392 GMT
By James Cone
Aug. 12 (Bloomberg) -- Ophir falls as much as 3.2% in 5th
day of declines as Societe Generale cuts to hold from buy,
reduces PT 34% to 230p, according to note.
* 2nd biggest decliner on SXEP oil & gas index, volume on shrs
~17% of 3-month daily avg
* SocGen: visible forward drilling program lack exposure to
high impact frontier exploration wells; sees shrs to be
influenced more by value of core assets rather than risked
upside over next 12 months
* Says potential upside from monetization solution of
Equatorial Guinea gas discoveries, remains contingent
asset as process to find FLNG partner seen likely in
2015
* At 1H results on Aug. 14, expects capex above forecast
($635m vs $500m) on increased expenditure in Gabon,
Myanmar, Seychelles
* Expects questions on potential of share buyback, sees
cash position at end 2014 ~$1b
* Ophir is down 39% YTD, 3rd biggest drop in SXEP (+3.1%)
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net