macquarie target price $1.20 in 12 months

Maintain an Outperform rating and a A$1.20/sh target price: With the Board and Management changes now finalised, drilling activity in the North America delivering encouraging initial results and further news regarding the ongoing Queensland CSG sales process anticipated by year-end, we expect a busy end to the year.

At the current share price, the market is attributing
only ~A$80m to MPO’s portfolio of assets, which is unduly harsh given that management recently reclassified ~A$60m of CSG assets for sale (which are unlikely to be sold below book value)

http://www.macquarie.com.au/dafiles/Internet/mgl/au/apps/retail-newsletter/docs/2011-11/MPO031111e.pdf