We have changed our recommendation on Tethys Petroleum from Speculative Buy to Outperform with a target price reduced from £0.60 to £0.45 per share following a game changing US$47.7 mm equity financing by AGR Energy at a 12% premium to yesterday’s close. While diluting some of the upside, the deal fundamentally improves the risk profile of the firm by putting the Company in a position where value can be realised from its portfolio. The funding overhang is addressed and the risk of Tethys not fil ....
02 Jul 2015
Game Changing Transaction with AGR Energy
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Game Changing Transaction with AGR Energy
Tethys Petroleum Limited. (0PRL:LON) | 0 0 0.0%
- Published:
02 Jul 2015 -
Author:
Stephane Foucaud -
Pages:
5
We have changed our recommendation on Tethys Petroleum from Speculative Buy to Outperform with a target price reduced from £0.60 to £0.45 per share following a game changing US$47.7 mm equity financing by AGR Energy at a 12% premium to yesterday’s close. While diluting some of the upside, the deal fundamentally improves the risk profile of the firm by putting the Company in a position where value can be realised from its portfolio. The funding overhang is addressed and the risk of Tethys not fil ....