We raise our TP in AEC to SEK 4.3 (2.9) as i) the scope of the ongoing drilling campaign has been firmed up and likely will comprise three wells, ii) AEC recently announced an accretive transaction where it will double its exposure to Block 11B/12B in exchange for ~70% dilution, iii) the share price rally ahead of the campaign signals that investors are starting to get comfortable with pricing the share close to risked NAV, which is encouraging ahead of the firm triggers.
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Exciting months ahead
We raise our TP in AEC to SEK 4.3 (2.9) as i) the scope of the ongoing drilling campaign has been firmed up and likely will comprise three wells, ii) AEC recently announced an accretive transaction where it will double its exposure to Block 11B/12B in exchange for ~70% dilution, iii) the share price rally ahead of the campaign signals that investors are starting to get comfortable with pricing the share close to risked NAV, which is encouraging ahead of the firm triggers.