Australis Oil & Gas Producing Even Small Portion of Reserves Could Lift Valuation, Euroz Hartleys Says
MT Newswires Live
Feb 03
Australis Oil & Gas (ASX:ATS) could lift the $0.50-per-barrel conservative valuation of its 62.2 million barrels of 2P reserves and 2C contingent resources if even a small portion is developed, Euroz Hartleys said in a Monday report.
Last month, the company said it transferred 90% of its working interest in the producing well inventory to a unit of EQV Partners, retaining 10% of its working interest.
The broker now values the company's stock at about AU$0.025 per share, above the current share price.
Euroz Hartleys maintained Australis Oil & Gas' speculative buy rating but lowered its price target to AU$0.045 from AU$0.08.
Shares of Australis Oil & Gas rose past 5% in recent Tuesday trade.
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