Sapura Energy's shares increase in active trade
Published on: Wednesday, June 13, 2018
Kuala Lumpur: Sapura Energy Bhd's shares rose in active trading on Tuesday morning after the integrated oil and gas services company said it has discovered its ninth gas exploration well in offshore Bintulu, Sarawak following the completion of its drilling campaign within Block SK408 in 2017.As at 10 am, the company's shares were up four sen to 67.5 sen, with 200.13 million shares changing hands. Public Investment Bank said the further discovery reinforced the value of the field and solidified future earnings growth of its production assets.
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"We remain optimistic of the group's prospects, short-term weaknesses notwithstanding, and retain our Trading Buy call with an unchanged sum-of-parts derived target price of RM1.11," it said in a note.Sapura Energy owns a 40 per cent stake in the field, scheduled to kick-off commercial production in 2022.Stay up-to-date by following Daily Express’s Telegram channel.
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