Merril Lynch 470p Citigroup 440p
http://www.irishexaminer.com/irishexaminer/pages/story.aspx-qqqg=business-qqqm=business-qqqa=business-qqqid=35218-qqqx=1.asp
16 June 2007
Tullow shares up after Uganda strikes
By Brian O’Mahony, Chief Business Corespondent
SHARES of Tullow Oil surged again yesterday in anticipation of good results from the appraisal well that it has started drilling in Uganda.
Shares climbed 21 pence, or 5.3% to 416p in London yesterday in early trading and fell back slightly later to 412p gaining an increase of 4.3% on the day.
On Thursday the shares rose to 3.8% lifted by news about the group’s Ugandan Kingfisher project which continues to excite the market. Since January the group has been given several buy recommendations by international analysts.
Back then it announced it had struck further potential oil reserves in the Kingfisher 1A well in Uganda, giving it a five-out-of-five strike rate since drilling began in the last quarter of 2006.
Shares in the group rose 5% in London to 399p at the time. Brokers reacted positively to the news and Merrill Lynch described Kingfisher as a material success saying it added at least 32p to the net asset value of the group.
It put a price target of 470p on the stock. Citigroup maintained its buy recommendation. Its projected price is a more modest 440p, but it says overall the group is still a very positive news story.
In a separate report into the group Investec said the key wells the group is targe
HDR
hardman resources limited
