Company
LON:CNE
Capricorn Energy PLC is one of Europe’s leading independent upstream energy companies, headquartered in Edinburgh, UK. Historically it has discovered, developed and produced oil and gas in multiple settings throughout the world.
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Institutional and retail investors have gained exposure to an industry-leading licence position in Ireland's 'emerging exploration hotspot', says chief executive Hugh Mackay.
Cantor analyst analyst Sam Wahab reiterated a ‘buy’ rating and 33p target price on Providence Resources shares, which were 7.5%, or 1.12p higher at 16.12p late morning
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A look at the week's significant small cap oil and gas news
“We are about to drill the biggest well ever drilled offshore Ireland"
In a note to clients, MacQuarie’s analysts raised their stance for Cairn to ‘outperform’ from ‘neutral’ after hiking their target price to 270p from 246p previously
"This is our ninth successful well in Senegal in three years," said chief executive Simon Thomson.
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A look back at the week’s highlighted news for junior oilers
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A glance at some of the stories on the Proactive newswire today
Cairn takes over as operator of LO 16/19, which spans 976 square kilometres on the Western flank of the South Porcupine Basin, offshore Ireland.
The 'multi-client' Crean 3D seismic adds to a potentially high impact summer exploration campaign in the waters off Ireland's west coast.
VR-1 is located some 5 kilometres away from the prior SNE wells, so it is considered to be a significant step-out.
Europa’s CEO, Hugh Mackay said: “The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded”
The idea is to find out more about the Dunquin South prospect's potential and find out more about the geology pertaining to 2013 Dunquin North result.
Rating now outperform while new price target points to 30% upside
Archive
A look back at the week’s highlighted news for junior oilers
Europa shares shot up 25.9% to 5.98p, while Providence shares climbed 7.3% to 16.36p.
Some of the top rises and falls in London at 3.30pm: Restaurant Group, Inmarsat, Graphene Nanochem
“We are delighted to have secured a farm-in partner of the proven calibre of Cairn, and also to accelerate exploration on the licence through the acquisition of 3D seismic this summer," said Hugh Mackay, Europa chief executive.
Cairn will partner Providence Resources in an exploration well offshore Ireland this summer and will lead a 3D seismic programme alongside Europa Oil & Gas.
