Dundee initiates coverage on Ithaca Great to have new coverage with Dundee which has a pretty good international E&P coverage universe. BTW, this target price lines up perfectly with Swales edict that the company will be sold in a few months for $3.20.
| Ithaca Energy | IAE |  BUY | |  $3.20 | | Dundee Securities | 28 Feb 2013 |
As far as Lochard's Athena production report.....
It is great to see that after the swift decline after the production came on line, Athena seems to be holding its own at the 11,000 bbl level with still no water. That is very very good. As we all know many new production wells have a very significant decline rate in the first year then the rate decreases. In the case of Athena, the first year decline occured in the first month acentuated by the blockage in P1. But as I mentioned production seems to be really holding it production level.