PANIC
by
sharing
on
13 Mar 2014 16:22
Price at rating: 121.00, now:
Investec / CANTOR Sam Wahab Gulf Keystone Petroleum Ltd Given GKP’s significant updated reserve backing, the company will likely look to access the debt market under more favourable terms. Whilst the CPR report represents a conservative estimate based solely on reserves which are being targeted with 26 wells representing less than 25% of all wells currently envisaged for the Shaikan development, we adjust our valuation taking account of this area only. On this basis, we reiterate our BUY recommendation but reduce our TP to 183p (from 235p).