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UPDATE: Tullow Markets Increases PT From £14.00 to £17.00.

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BMO Capital Markets released a research report on Tullow Markets (LON: TLW) announcing an increased price target after discovery of 72 metres of net oil pay on the other side of the Atlantic margin offshore French Guiana.

In the report, BMO Capital Markets writes, “Tullow had found indications of a potential Jubileeequivalent play when 72 metres of net oil pay were found, of which 39 metres are expected to be light. The company indicated the discovery is in line with its 700 million barrel pre-drill resource estimate. During the week of the announcement, we estimate the market assigned at least US$4 billion in value for the discovery where Tullow holds a 27.5% interest. As the company believes this is only one of a half dozen associated prospects, we have updated our target to reflect the new discovery.” BMO Capital Markets has increased the price target from £14.00 to £17.00 per share and continues to rate the stock Outperform on Tullow Markets, which closed yesterday at -44.08.

 

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