Kenya and Ethiopia focused Africa Oil (CVE:AOI) is rated 'buy', speculative risk, by broker Dundee after an operational update today.
Kenya and Ethiopia focused () is rated 'buy', speculative risk, by broker Dundee after an operational update today.
The broker highlights several upcoming catalysts, including the "basin opening" Emesek 1 well results in the fourth quarter of 2015 and the submission of a draft field devlopment plan at the end of the year.
Etom-2 well results are expected in the first quarter of 2016 and a revised CPR is earmarked for the first quarter of 2016.
Earlier the firm said that in the third quarter, the Amosing-5A exploratory appraisal well in Block 10BB ncountered an estimated 15 to 28 metres of net pay and sucessfully proved a northern extension to the Amosing field.
The firm is now drilling the Emesek-1 basin opening well, which will test the undrilled North Lokichar basin.
The well was spudded on October 15. Following Emesek-1, the Marriot 46 will move to drill the Etom-2 well in an undrilled fault block adjacent to the Etom oil discovery.
Dundee targets C$3.20 for the shares, which are currently unchanged at C$2.09.