We reiterate our Outperform recommendation on Premier Oil with a target price of £2.50 per share following the publication of the Company’s 1H15 results. With first oil at Solan about three months away (which represents another modest delay), the Company is almost out of the woods. Solan cash flow will allow the firm to stabilise its balance sheet while developing Catcher, providing solid foundations. Valuation remains very leveraged to oil price (RENAV of £0.30 per share on
21 Aug 2015
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Harbour Energy Plc (HBR:LON) | 282 -17.5 (-2.1%) | Mkt Cap: 2,176m
- Published:
21 Aug 2015 -
Author:
Stephane Foucaud -
Pages:
6
We reiterate our Outperform recommendation on Premier Oil with a target price of £2.50 per share following the publication of the Company’s 1H15 results. With first oil at Solan about three months away (which represents another modest delay), the Company is almost out of the woods. Solan cash flow will allow the firm to stabilise its balance sheet while developing Catcher, providing solid foundations. Valuation remains very leveraged to oil price (RENAV of £0.30 per share on