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Message: Liberum Capital gives buy recommendation

Recommendation ‘buy’, target 340p (current 105p)

Fellow AIM firm, like Providence, is working on a farm-out deal for its field development project. The North Sea firm is expected to have a deal in place before the end of the year. And, according to Whittock, the transaction should be on better terms than the company’s current market price implies.


This works out to about 5.37 in canadian dollars.

If that is what the share price could be on a re-rate once there is a farm-in deal (end of the year) then this would be a huge buy at 1.65. That is a 3.25x to today's price.

What would the SP be if they are around to get to production?

What would the SP be if they are taken over?

Worth the wait.

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