and to follow up another 4 broker recommendations 29/1/13
Citi 29-Jan-13
Target $9.65 (was $10.17). The broker notes Karoon's Kangaroo-1 exploration well in Brazil has struck oil, with the company claiming a 350m gross hydrocarbon column.
Confirmation isn't expected until the end of February, but from what the broker's seen, a discovery in the order of 30-100mmbbls could be on the cards, although Karoon is yet to determine if the discovery is commercial. Buy call maintained.
Buy, High Risk
BA-Merrill Lynch 29-Jan-13
Kangaroo-1 in Brazil has encountered 25m of gross oil bearing reservoir in the Eocene and hydrocarbon shows were also detected in the
Miocene. BA-ML has lowered the resource estimate to 75mnbbl, but increased the chance of commercial success to 75%.
The price target is raised to $7.02 from $6.83. A Buy rating is retained.
Buy, High Risk
UBS 29-Jan-13
Karoon Gas share price jumped on the result from Kangaroo-1 well. UBS notes the discovery needs to be followed up with an appraisal and it may be smaller than expected. However, it does de-risk nearby prospects and increases the chance of Pacific Rubiales exercising its option.
A Buy rating is retained and the target price is unchanged at $8.
Buy
Credit Suisse 29-Jan-13
Test drilling in the Santos Basin has rendered some positive results at Kangaroo-1, leading the broker to de-risk the Basin exploration project to 60% from 50%.
Further results are expected next week, but in the meantime the broker has raised its target to $8.30 from $7.65.
Outperform
Deutsche Bank 29-Jan-13
Karoon has announced an oil discovery at the Kangaroo-1 exploration well in the Santos Basin acreage off Brazil. The well encountered a 25m gross oil column in the secondary Eocene target.
While initial results at Kangaroo-1 well are clearly positive, Deutsche Bank has kept forecasts unchanged pending appraisals. The price target is also unchanged at $8.80 and a Buy rating is retained.
Buy
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No. | Vol. | Price($) |
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2 | 34975 | $1.48 |
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Price($) | Vol. | No. |
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$1.49 | 3831 | 1 |
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1 | 5000 | 1.475 |
2 | 33800 | 1.470 |
3 | 98145 | 1.465 |
3 | 14250 | 1.460 |
Price($) | Vol. | No. |
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1.510 | 6000 | 1 |
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