Amplitude Energy's Juliet Success Sparks Relief

Dow Jones
Sep 09

0024 GMT - Amplitude Energy's intersection of natural gas with its Juliet-1 exploration well should spark relief among investors given two earlier setbacks in its drilling campaign, says Jarden. Its target price rises by 9.7% to 2.03 Australian dollars a share to capture 50% of its unrisked valuation for Juliet of A$0.36/share. Previously, Jarden had a zero risk weighting given negative results from the earlier Elanora and Isabella prospects. "While some boxes remain to be ticked before we can call Juliet a gas discovery, all data released to date points to a positive outcome," analyst Nik Burns says. Amplitude's drilling campaign aims to find natural gas to support its East Coast Supply Project in southeastern Australia. Jarden rates the stock at overweight; the stock is up 1.1% at A$1.89 Wednesday, and up some 14% so far this week.

 

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