Market Talk

Cooper Energy Target Price Raised 8.0% to A$0.27/Share by Macquarie

DJ Cooper Energy Increasingly Appeals as Takeover Target -- Market Talk
2257 GMT - The conclusion of Cooper Energy's well decommissioning program at the BMG oil field could make it a takeover target, Macquarie says. Cooper Energy expects the final cost of the BMG program toward the upper end of its prior A$240 million-A$280 million estimate. So, Macquarie thinks Cooper's net debt will peak at A$279 million at end-June, falling to A$249 million a year later. "We believe there is an elevated risk of corporate interest, now the BMG work is complete (was a significant overhang, costing more than initially expected), considering recent industry M&A," Macquarie says. "This now enhances the investment case, in our view." ([email protected]; @dwinningWSJ)
(END) Dow Jones Newswires
May 28, 2024 18:57 ET (22:57 GMT)