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United Oil & Gas price target raised by brokers after Jamaica upgrade

18237500 - businessman hand pointing to investment as concept

United Oil & Gas PLC (LON:UOG) has received a healthy price target upgrade from Cenkos following the independent person’s report on the Walton Morant prospect offshore Jamaica.

Gaffney, Cline & Associates’ (GCA) report indicated resources of over 2.4bnbbls across eleven prospects and leads within the licence.

Resources at the primary target, Colibri, increased by 77% to a mean average 406mln barrels, with substantial follow-on potential elsewhere said Cenkos.

A drill-or-drop decision is required by 31 January 2022 and the new report will form part of the data-room that United is holding to attract farm-in partners in 2021.

Based in a risked valuation of Walton Morant, Cenkos raised its share price target for UOG overall to 21.2p from 18.1p and adds that, unrisked, the value of its assets is 108p.

Optiva also raised its price target to 25.1p from 20.5p and added that the current share price is more than covered by its valuation of UOG’s 22% interest in the Abu Sennan producing asset in Egypt, which is currently performing strongly.

UOG shares dipped 7% to 2.8p.

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