"Euroz Hartleys has initiated a coverage on Pancontinental Energy (ASXCL), with a “Speculative Buy” recommendation and a price target of 4c (versus current price of 1.8c at time of writing).
Pancontinental is gearing up for drilling in offshore Namibia – one of the largest untested prospective oil structures on the planet.
Although it’s still early in the E&P (exploration and production) cycle, Euroz says Saturn prospect/drilling in PEL 87 has the potential to discover a world-class scale field.
“This is due to the size of the complex, the premier location with nearby recent supergiant discoveries, and a solid partner in Woodside looking to farm-in,” said Euroz.
“As a current valuation, we look to FAR (ASX:FAR), Invictus Energy (ASX:IVZ) and 88E Energy (ASX:88E) as companies which all achieved market caps of around $250 million prior to drilling results for potential giant discoveries.”
PCL Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
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CL), with a “Speculative Buy” recommendation and a price target of 4c (versus current price of 1.8c at time of writing).
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