Tethys remains a buy at Cantor Fiztgerald
13th February 2013, 16:05
Cantor Fiztgerald believes there is still further to go for Tethys Petroleum [LON:TPL].
Restating its buy advice it set a price target of 90 pence a share – almost double the current price.
Tethys’ recent rally (it is up 65% in the last three months) follows a spate of good news announcements, beginning with the much anticipated farm-out of its 85% interest in the Bokhtar production sharing contract inTajikistan to Total and CNPC.
“We would expect this positive share price trend to continue ahead of key drilling this year, with our valuation illustrating that Tethys’ share price currently trades at a circa 50% discount to its core asset value, with little value ascribed to the company’s proven reserve base,” said analyst Sam Wahab.
At 4:04pm: Tethys Petroleum share price was down 0.88 pence at 47.5 pence.