GREY:PMGLF - Post by User
Comment by
investpro2on Feb 12, 2012 7:55pm
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Post# 19523250
PMG is RBC Top E&P % Return Play
PMG is RBC Top E&P % Return Play RBC report 6 Feb maintains PMG price target at $40, outperform rating. RBC analyst expecting news is imminent and end Feb reserve update.
RBC from 9 Jan report:
PMG provided an operational update today that includes an improving production picture and the initial drilling plans for 2012 targeting > 270 mmbbls. The company averaged over 36,000 b/d thr Dec wtih futher production additions expected thru Q1/12 as water handling is improved (2500 b/d) and development/appraisal successes are tied-in (on Yenac/Yatay).
Key News Flow still to come: PMG holds an enviable acreage position onshore Columbia and Peru. The results from the Bromelia, La Colpa and heavy oil horizontal wells are significant with results expected shortly.
- Production: 2011E 38 mboe/d, 2012E 43 mboe/d, 2013E 44 mboe/d
- CFPS FD: 2011E $7.84, 2012E $8.71, 2013E $9.43