leadf
logo-loader
viewAmryt Pharma PLC

Fastnet Oil & Gas: Cantor Fitzgerald eyes Moroccan drill catalysts

oil_rig_platform_350_5329797ad1fe7.jpg

Cantor Fitzgerald has begun covering AIM oil explorer Fastnet (LON:FAST), with a ‘buy’ recommendation and a 28p price target.

Drilling in Morocco will be a catalyst for the share, the blue-chip broker believes.

“We see its licences both onshore and offshore Morocco as the key near term value drivers,” analyst Sam Wahab said in a note.

“With exploration upside potential at its interest in the Foum Assaka licence (well spudded 17/03/2014) underpinned by a lower risk appraisal asset in Tendrara-Lakbir, we believe the current share price trades at a considerable discount.”

Wahab says the market does not currently attribute value to a significant proportion of Fastnet’s asset portfolio, despite securing strategic partnerships with key industry players.

“This has served to significantly reduce the company’s financial exposure to exploration whilst maintaining a material working interest in its Moroccan licences.”

Cantor’s28p price target implies some 140% upside to the current share price of 11.5p.

Quick facts: Amryt Pharma PLC

Price: 200 GBX

AIM:AMYT
Market: AIM
Market Cap: £357.6 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Amryt Pharma PLC named herein, including the promotion by the Company of Amryt Pharma PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: FTSE flies after Joe Biden’s $1.9tn stimulus legislation is...

FTSE 100 rose as investors welcomed the passing (finally) of Joe Biden’s US$1.9trn stimulus measures. London’s blue-chip index rose 41 to 6,671. Deliveroo customers will be offered up to £50mln of shares in the takeaway delivery company’s upcoming £7.5bn IPO. The firm’s turquoise-liveried...

17 hours, 47 minutes ago

2 min read