The big news on the horizon at Premier Oil Plc will come out of Egypt. “We continue to look forward to results from the Cherry prospect in 20 to 30 days (4% upside, 0.5% downside),” says the analyst team.

Chasing independent Cretaceous and Miocene play types, across the Block, Premier is currently drilling the first Cretaceous prospect, Cherry, in the northern part of the Block.

Premier Oil is said to be targeting 120mmboe, with the P10 range up to 300 mmboe potential.

“We value the Cretaceous play opportunity 29p/sh risked, 193p/ share unrisked, with a success de-risking analogous structures offering follow on,” say Analysts at Jefferies.

(Source: economy-news)