Mackie Research Updates Coverage and Buy Recommendation for Suroco Energy (TSXV:SRN) - Video Research Alert posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 1, 2013 - Investment firm Mackie Research
has updated coverage on Suroco Energy (TSXV:SRN). Following the announcement
that the company had commenced drilling the Canelo Sur 2 exploration well,
analyst Bill Newman reiterated his buy recommendation and 12-month target of
$0.95, a premium of 164% to the price the day the report was issued.
InvestmentPitch.com has produced a "video research alert" based on this report.
If this link is not enabled, please visit www.InvestmentPitch.com and enter
"Suroco" in the search box.
Suroco is a Colombia focused international oil & gas company, with its principal
assets in the Putumayo Basin. The Canelo Sur 2 exploration well is expected to
reach total depth of 10,300 feet in approximately 45 days. It is a large 4-way
dip closed structure targeting multiple potential reservoir zones of the Villeta
Formation.
This is the first well to be drilled on the Putumayo 2 Block and if successful,
additional wells are likely to be drilled from the same drilling pad. Management
estimates the prospect has a gross unrisked potential resource of 10 million
barrels, or 2.5 million barrels net. In July 2013, Suroco acquired a 25%
interest in the PUT-2 block from PetroNova who hold the remaining 75% interest.
Alastair Hill, the company's President and CEO commented, "We are very excited
to have commenced drilling this large and well defined exploration prospect
which is located in the vicinity of several producing oilfields. We expect the
Villeta reservoirs to be well developed at this location and in the event of
success there are other similar-looking features, at least one of which could be
tested from the same pad."
The PUT-2 block is located directly adjacent to the company's Alea 1947-C block,
where the company has a 50% working interest and to the north of Alea 1848
block, where the company has a 49.5% working interest.
The company is currently drilling on the Suroriente block where the company has
a 15.8% working interest. This exploration well commenced drilling on October
14th, and is expected to reach a total depth of 10,200 feet around the 13th of
November.
As announced on October 2nd, average production for Q3 was 1,378 barrels of oil
per day, net after royalty, with production for the first 27 days of October
averaging 1,985 barrels of oil per day net.
Analyst Bill Newman stated, "With production near record levels, Suroco is
starting to shift its focus towards higher-impact, exploration plays. We expect
substantial stock appreciation if the Canelo Sur 2 exploration well is
successful."
The shares are currently trading at $0.35 well below Mackie Research's target
price of $0.95, and with 134 million shares outstanding, the company is
capitalized at $47 million.
For more information, please visit the company's website www.suroco.com or
contact Alastair Hill at 403-232-6784 or email info(at)suroco.com.
For more information about Mackie Research or to obtain the report on Suroco
Energy contact your nearest Mackie Research office. Their branches are listed on
their website at www.mackieresearch.com.
About InvestmentPitch
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multiple platforms to investors and financial professionals, specializes in
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bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 01.11.2013 - 15:04 Uhr
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News-ID 311815
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