http://www.hemscott.com/news/latest-news/item.do?newsId=38534446586491
Tullow Oil shares were also in fine fettle, adding 22 pence to 398 on news it had found hydrocarbons at the Kingfisher-1A well...
In response, Merrill Lynch reiterated its 'buy' advice on the UK oil group and said it has increased its net asset value (NAV) by a conservative 32 pence a share to 428 to reflect this news, while recognising a further material Ugandan NAV increase is likely in the coming months as Tullow conducts further appraisal work on its five discoveries.
The broker said it believes this work will likely both materially increase existing Ugandan reserve estimates and further de-risk the company's large inventory of un-drilled Lake Albertine leads and prospects.
The broker added it has raised its price target on Tullow to 470 pence.
HDR
hardman resources limited
