City broker Northland Capital has upgraded Europa Oil & Gas (LON:EOG) saying the rapid progress being made offshore Ireland, by Kosmos Energy, has impressed.
Analyst Andrew McGeary lifts his price target to 19.7p per share - current price: 9p - and repeated a ‘buy’ recommendation.
“An excellent year of progress from Europa has not been reflected in the share price performance,” McGeary said in a note.
April’s deal to bring in Kosmos to its exploration projects off Ireland’s west coast was the real highlight, he explains.
“It is the speed at which Kosmos has moved forward with the Irish Porcupine Basin assets that has particularly impressed.
“The US-independent has completed the 3D seismic shoot within four months of the granting of the licence and, whilst ambitious, a late 2015/early 2016 well to test a potentially world class target is possible.”