We downgrade our recommendation on Oilex to Neutral and reduce our TP from 8.3p to 1p following news of a legal challenge presented to Oilex by its main shareholder, Zeta Resources, alleging that Oilex failed to disclose material information prior to its initial investment. Additionally, Oilex’s JV partner in India, GSPC, has notified Oilex that it wishes to alter the approved 2015/16 work programme. There is now material uncertainty regarding the outlook for the development of the comp
12 Nov 2015
Cambay development jeopardised by funding and partner disputes
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Cambay development jeopardised by funding and partner disputes
Synergia Energy Ltd (SYN:LON) | 0.1 0 6.7% | Mkt Cap: 12.8m
- Published:
12 Nov 2015 -
Author:
Mark Henderson -
Pages:
4
We downgrade our recommendation on Oilex to Neutral and reduce our TP from 8.3p to 1p following news of a legal challenge presented to Oilex by its main shareholder, Zeta Resources, alleging that Oilex failed to disclose material information prior to its initial investment. Additionally, Oilex’s JV partner in India, GSPC, has notified Oilex that it wishes to alter the approved 2015/16 work programme. There is now material uncertainty regarding the outlook for the development of the comp