hoil ?31 Jan 2011 20:32
Westhouse Securities moved its recommendation for Heritage Oil (HOIL) from "hold" to buy" with a reduced target price of 341p, down from 492p. This follows the new composition of resources that management are now estimating for the Miran West and East structures, in which gas was the principle component, and comes in spite of the lower geological risk associated with 3 Trillion Cubic Feet (TCF) of P50 gas resources classified as contingent by the company. The shares lost 6.4p to 326p.