MEO Australia (BUY, A$0.55) (MEO AU, MCap: A$54M, A$0.086) - Heron Extension: Today's announcement outlines MEO's extension of the time available to Eni to study whether it will progress to the next stage of drilling on Heron to March 1st. Heron has to compete on a global scale for Eni's investment (due to the number of projects that Eni studies at any one time), and we believe that today's announcement, is a positive step from MEO, supports the licence's wider prospectivity, and our current outlook for the Company; remember Blackwood is in the same licence, and Eni recently committed to drilling a follow-up there. We are taking this opportunity to reiterate our BUY Recommendation and A$0.55 Target Price.
Gold Oil (GOO LN, MCap: ?21M, 1.77p) - Exiting the Goo?: Today's news, that is it has increased its interest in the Nancy Burdine field to 100%. While production at this field is currently small, a higher interest is a lifeline for the Company and is a statement of intent, which is that it will begin to focus on what is important for all companies, cash. Following what has been a difficult period for the Company, any improvement in fortunes, no matter how small, should be welcomed, and while there needs to be a continuation of news such as this for a discernible pattern to be established, the outlook, on the basis of the performance of management since the shares have returned from suspension, is promising.
Sound Oil (SOU LN, MCap: ?17M, 7.9p) - And so it Begins?: The Company has secured a rig to begin the appraisal of its Nervesa asset in Northern Italy, which in turn is the start of the active programme that it has for 2013. The Company is funded through its 2013 programme, and we believe that the focus on its Italian assets will start to yield results, which we believe will be reflected in valuations as the year progresses.
Kea Petroleum (KEA LN, MCap: ?56M, 8.8p) - Puka-2 is Pukka: Today's announcement that Kea's second well in its Puka asset has intersected an oil reservoir in the lower Mako sands. While testing will be required to evaluate what this discovery means for recoverable reserves, the discovery of deeper prospectivity is a positive step forward for the commerciality of the field.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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