We are transferring our research coverage to Taro Kiley. The company posted a strong 3Q18 performance with net cash of US$64 mm at the end of the period (GMP FEe: c. US$55 mm) and production expected to be at the higher end of the 11-13 mbbl/d guidance by YE18. Tethys is a yield story with reserves growth and exploration upside. While we appreciate that the shares trade at only a 10% discount to fundamental value, we have increased our recommendation to a BUY from Hold given the potential for
07 Nov 2018
Transferring coverage: On the brink of dividend, production and reserve growth
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Transferring coverage: On the brink of dividend, production and reserve growth
Tethys Oil AB (0A1V:LON) | 4,800 0 0.0% | Mkt Cap: 1,587m
- Published:
07 Nov 2018 -
Author:
Stephane Foucaud -
Pages:
6
We are transferring our research coverage to Taro Kiley. The company posted a strong 3Q18 performance with net cash of US$64 mm at the end of the period (GMP FEe: c. US$55 mm) and production expected to be at the higher end of the 11-13 mbbl/d guidance by YE18. Tethys is a yield story with reserves growth and exploration upside. While we appreciate that the shares trade at only a 10% discount to fundamental value, we have increased our recommendation to a BUY from Hold given the potential for