JP Morgan Provides Additional Color on Noble Energy's Cyprus Success
JP Morgan has published a research report on Noble Energy (NYSE: NBL) after yesterday's Cyprus success announcement, today saying that there is continued suggestions for framework to help Noble Energy's Cyprus successes.
In the report, JP Morgan writes, "Simultaneous with NBL's press release, Cyprus President Demetris Christofias held a press briefing announcing results of the Block 12 A-1 discovery well. President Christofias cited the exploitation of hydrocarbons as an incentive for a solution to the “Cyprus problem” and appealed to Turkey to show “a spirit of peace and cooperation.” The Cypriot government has begun long-term strategic planning and will proceed with the previously announced second licensing round, which will include 12 offshore exploration blocks."
JP Morgan maintains its Overweight rating on Noble Energy, which closed yesterday at $94.02.
