Poor reporting and research. Fairly uninspiring and confused upgrade from UBS.
Extract as follows:
UBS has adjusted long-term Brent crude price (post 2015) forecast to US$92/bbl from US$95/bbl as well as the Australian dollar rate to US92c to the end of 2014 (from US$1.04).
Tap has been upgraded to Buy from Neutral for potential exploration upside. The recently spudded Starfish well in Ghana has a material P50 prospective resource of 431 mmbbls. While UBS considers this to be a high risk target, success could be worth up to $2.75/bbl net to Tap.
The price target is reduced to 67c from 68c.
TAP Price at posting:
54.5¢ Sentiment: LT Buy Disclosure: Held
