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Fastnet Oil & Gas: Cantor Fitzgerald eyes Moroccan drill catalysts


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

Market: AIM
Market Cap: £357.6 m

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