We’ve written up Bankers Petroleum a bunch, so you
know that it’s one of our favorite stories out there and we
will continue to follow it rather closely.
Yesterday, the company announced some updates in-
cluding the pleasant surprise that production for the quar-
ter came in at 6385 barrels a day, which was a little higher
than expected.
Genuity Capital analyst Jamie Somerville writes those
numbers were “slightly ahead of our assumption of 6,100
Bbl/d. In addition, realized prices of $35.11/Bbl reflect 55%
of Brent, compared to our assumption of 54% of Brent.”
Somerville writes,
“Bankers remains our top pick in our
coverage of International E&Ps based on that relative
valuation discount, and expectations for reserves and pro-
duction growth.”
Meanwhile, it was also announced that the company
had some warrants exercised by some of their interna-
tional bankers, putting another $12 million in their bank.
They should be having a very active drilling program over
the next six months and drilling on their second horizontal
well (No. 5014) in the Patos Marinza field commenced on
July 8th and is scheduled to reach total measured depth
by the end of this month.
coverage of International E&Ps based on that relative
valuation discount, and expectations for reserves and pro-
duction growth.”
Meanwhile, it was also announced that the company
had some warrants exercised by some of their interna-
tional bankers, putting another $12 million in their bank.
They should be having a very active drilling program over
the next six months and drilling on their second horizontal
well (No. 5014) in the Patos Marinza field commenced on
July 8th and is scheduled to reach total measured depth
by the end of this month.
Somerville gives Bankers a target of $3.20 over the next
12 months. Terry Peters of Canaccord Capital ups his
target on Bankers to $3.20 as well. Raymond James has
raised their target on Bankers from $3.00 to $4.00 and we
also suggest that one of the best reports we’ve seen on
the company was done by Kevin Shaw out of Wellington
West, also with a $4.00 target. To get a copy though, one
has to e-mail the analyst directly at kshaw@wwcm.com.
Meanwhile, if you are looking for a great place to vaca-
tion in a place that’s a little different, why not consider
Albania? Just north of Greece with the same type of gor-
geous beaches and water, but totally undeveloped be-
cause of the decades ruled by Hoxha.
It’s also dirt-cheap
which should appeal to all the young travelers of the world
that seem to be going a long way away to Thailand these
days. Albania is definitely an alternative.
which should appeal to all the young travelers of the world
that seem to be going a long way away to Thailand these
days. Albania is definitely an alternative.
How cheap is it?
In a beautiful café in the mountains, two Heinekens and a
cappuccino is yours for $5.00 Cdn.
In a beautiful café in the mountains, two Heinekens and a
cappuccino is yours for $5.00 Cdn.
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