Dolmen Stockbrokers of Ireland have issued an update on PCL.
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Trading Recommendations
Pancontinental - Spec Buy
Previous Close AUD$0.20
Target AUD$0.30
Last week Pancontinental announced that the operator (Apache) on the L8 licence offshore Kenya has secured a rig to drill the Mbawa prospect in Q3 this year. This announcement is an important development for the African-focused explorer as Mbawa represents the most significant catalyst for the stock in the next 6 months.
The rig, which is being sourced from BG Group, will drill two wells in Tanzania before its release to Apache. Based off the current guidance for these two wells we estimate that the rig will be in place by September.
We continue to rate Pancontinental as a Speculative Buy with a AUD $0.30 target. We believe that the explorer’s exposure to developing hydrocarbon plays in Kenya and Namibia has the potential to provide material share price uplift over the coming 12 months.
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http://www.rte.ie/news/business/morningrep/download/2012/0416dolmen.pdf
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1.7¢ |
Change
0.001(6.25%) |
Mkt cap ! $138.2M |
Open | High | Low | Value | Volume |
1.6¢ | 1.7¢ | 1.6¢ | $44.36K | 2.755M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 846381 | 1.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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1.7¢ | 4354241 | 7 |
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No. | Vol. | Price($) |
---|---|---|
2 | 846381 | 0.016 |
12 | 7761523 | 0.015 |
12 | 9568039 | 0.014 |
16 | 5774230 | 0.013 |
8 | 5891666 | 0.012 |
Price($) | Vol. | No. |
---|---|---|
0.017 | 4354241 | 7 |
0.018 | 4831406 | 5 |
0.019 | 3187631 | 5 |
0.020 | 4172224 | 7 |
0.021 | 1650000 | 4 |
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