We maintain our Market Perform recommendation on Cairn Energy with a target price of £1.80 per share following the Company’s 1H15 results. With a net cash position and funding in place to derisk large oil discoveries in Senegal and to take Catcher and Kraken to first oil, the Company would be a stand out among large UK E&Ps if not for the very large potential tax liability in India. With this major uncertainty unlikely to be removed in the near term, it is difficult to recomme
19 Aug 2015
Good Fundamentals Clouded by India
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Good Fundamentals Clouded by India
Capricorn Energy PLC (CNE:LON) | 162 -4.9 (-1.8%) | Mkt Cap: 149.4m
- Published:
19 Aug 2015 -
Author:
Stephane Foucaud -
Pages:
5
We maintain our Market Perform recommendation on Cairn Energy with a target price of £1.80 per share following the Company’s 1H15 results. With a net cash position and funding in place to derisk large oil discoveries in Senegal and to take Catcher and Kraken to first oil, the Company would be a stand out among large UK E&Ps if not for the very large potential tax liability in India. With this major uncertainty unlikely to be removed in the near term, it is difficult to recomme