Emergency OPEC meeting, page-12

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028 GMT [Dow Jones] Morgan Stanley starts oil and gas explorer FAR (FAR.AU) at overweight with a A$0.12/share price target, saying the company appears to be in the right place-- Senegal--at the right time. FAR is part of a group that includes ConocoPhillips (COP) and Cairn Energy (CNE.LN) that made two very large offshore oil discoveries in 2014 and are now focused on appraisal drilling. Their SNE-1 discovery is estimated to contain 330 million barrels of recoverable oil, but Morgan Stanley thinks this could increase depending on appraisal drilling results. "We expect a number of important catalysts over the next six months and its exposure to a world-class oil development is unique in the Australian market given the total size of the oil resource," Morgan Stanley says. "If the base-case resource size is proven, development economics will be robust at lower oil prices." FAR last traded at A$0.07. ([email protected]; @dwinningWSJ)