Promising Update - FD's23 Jan 2013 08:42
Jubilant Energy (BUY, 58p) (JUB LN, 20.25p): Promising Update - But Deen Dayal the Main Focus - Todays update from the Company outlining the prospectivity of the Manipur blocks is comforting in that the prospectivity is improving with closer examination opposed to declining. That the prospects are considered close to being drill ready is also a boon, as it will kick start the Company's much needed exploration campaign, and start to bolster the medium to longer term outlook. Furthermore, this is part of the same system that extends in to Myanmar, which we hope the Company will update us on in due course. While this is a positive update, the Deen Dayal development is a more pressing concern for us and we would like to see more information regarding the development timetable, spending commitments and better clarity on the all-important first revenue. Post this update we are raising our Target Price to 58p from 55p and reiterating our BUY recommendation.
Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Jubilant_Energy_and_Caza_Oil_Gas/95693a55f396.aspx