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Broker snap: Panmure Gordon advises "Buy" Range Resources
12-10-2012 13:05
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Leila Reddy, Analyst at Panmure Gordon, has reiterated her "Buy" recommendation on Range Resources with a target price of 10p.
She comments that this price target is "on the back of rising production in Trinidad, supported by a funded drilling programme and, importantly, well results."
Thus and regarding the company's reserves upgrade, the broker points out that: "Following last year's operations, especially its drilling programme, Forest A. Garb and Associates, the independent petroleum consultants, have upgraded the Company's reserves estimates for its Trinidad assets.
The P50 unrisked prospective resources have been increased by 30.5 mmbbls to 40.5 mmbbls, led by the identified Herrera prospects that have been mapped on the Company's 3D seismic database, which are scheduled to be drilled after the completion of the MD248 well."
CM
She comments that this price target is "on the back of rising production in Trinidad, supported by a funded drilling programme and, importantly, well results."
Thus and regarding the company's reserves upgrade, the broker points out that: "Following last year's operations, especially its drilling programme, Forest A. Garb and Associates, the independent petroleum consultants, have upgraded the Company's reserves estimates for its Trinidad assets.
The P50 unrisked prospective resources have been increased by 30.5 mmbbls to 40.5 mmbbls, led by the identified Herrera prospects that have been mapped on the Company's 3D seismic database, which are scheduled to be drilled after the completion of the MD248 well."
CM
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| Range Resources Ltd. (DI) (RRL) share price |
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