We retain our Buy rating and 8.3p target price following the Oilex quarterly report to end September 2015. The company had almost A$16m cash, with A$9.4m further to be received in November. Oilex appears to be on track to deliver c.300boepd production by the end of December, which will generate more than sufficient cash flows to cover operating costs and G&A. The Cambay-78H and 80H wells are the potentially transformational catalysts, which have the potential to drive production toward 1,
30 Oct 2015
Quarterly report shows impact of fund raise
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Quarterly report shows impact of fund raise
Synergia Energy Ltd (SYN:LON) | 0.1 0 (-2.2%) | Mkt Cap: 12.0m
- Published:
30 Oct 2015 -
Author:
Mark Henderson -
Pages:
2
We retain our Buy rating and 8.3p target price following the Oilex quarterly report to end September 2015. The company had almost A$16m cash, with A$9.4m further to be received in November. Oilex appears to be on track to deliver c.300boepd production by the end of December, which will generate more than sufficient cash flows to cover operating costs and G&A. The Cambay-78H and 80H wells are the potentially transformational catalysts, which have the potential to drive production toward 1,