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14 Oct 2019
Jersey Oil & Gas - Capital Markets Day
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Jersey Oil & Gas - Capital Markets Day
Jersey Oil & Gas PLC (JOG:LON) | 155 0.8 0.3% | Mkt Cap: 50.6m
- Published:
14 Oct 2019 -
Author:
Jonathan Wright -
Pages:
9
JOG’s maiden CMD alongside the Greater Buchan Area CPR reminds us of the scale of the opportunity this company now enjoys. The market may have been disappointed that Equinor did not join the party, but there should be other buyers out there for attractively priced North Sea assets. Adopting the CPR volumetrics into our model results in our risked-NAV and price target rising from 349p to 392p/sh. Unrisked, we value JOG at over £31/sh, providing plenty of de-risking potential as the project matures. We maintain our Buy rating.