0104 GMT [Dow Jones] Citigroup initiates AWE (AWE.AU) with a Buy recommendation, A$2.52 price target vs last up 4.3% at A$1.685. Says recent sell off triggered by exploration campaign failures an over reaction, noting company's long-term exploration track record remains fair at about a 20% commercial success rate in past 12 years. Says recent acquisition of shares not already owned in Adelphi has potential to be highly value accretive and notes recent upside potential from Redback, Sugarloaf prospects in Australia and exploration drilling in Yemen. ([email protected])
AWE Price at posting:
$1.69 Sentiment: None Disclosure: Not Held
