Globe says Piper rates Valeura Energy "outperform" Globe says Piper rates Valeura Energy "outperform"
Valeura Energy Inc (2) (C:VLE)
Shares Issued 86,136,988
Last Close 9/4/2018 $3.84
Wednesday September 5 2018 - In the News
The Globe and Mail reports in its Wednesday, Sept. 9, edition that RBC Dominion Securities analyst Nathan Piper says Valeura Energy now possesses the ability to begin unlocking the potential of an extensive unconventional gas play in the Thrace basin in Turkey. The Globe's David Leeder writes in the Eye On Equities column that Mr. Piper began coverage with an "outperform" rating and $7 share target. Analysts on average target the shares at $9.50. He recommends buying the stock ahead of the release of drilling and testing news from its Basin Centre Gas Condensate Accumulation starting in the third quarter. Mr. Piper says in a note: "The country imports 99 per cent of its gas needs leading to strong local gas pricing ($5.6/mcf in Q2/18) broadly in line with the EU import price. Industry endorsement of the opportunity came in 2016/17 when Statoil (now Equinor) signed a farm-in agreement to fund 3D seismic and two deep appraisal wells. Following the Yamalik-1 well result, the 2018 Competent Persons Report (CPR) underlined the materiality with 18.6 tcf gas and 378 mmbbls condensate gross best estimate\prospective resources (7.7t cf and 155 mmbbls working interest)."
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