Sector News

Eland Oil & Gas PLC Receives “Buy” Rating from Canaccord Genuity (ELA)

October 1, 2015

Canaccord Genuity reaffirmed their buy rating on shares of Eland Oil & Gas PLC (LON:ELA) in a research note released on Wednesday morning, ARN reports. The brokerage currently has a GBX 130 ($1.98) price target on the stock.

Eland Oil & Gas PLC (LON:ELA) opened at 43.50 on Wednesday. The company’s market cap is GBX 67.54 million. Eland Oil & Gas PLC has a 1-year low of GBX 41.50 and a 1-year high of GBX 101.31. The stock has a 50 day moving average price of GBX 50.29 and a 200 day moving average price of GBX 59.15.

Eland Oil & Gas PLC is an independent oil and gas firm. The Company’s primary activities consist of obtaining identifying and developing interests in petroleum and gas assets in West Africa, focused on Nigeria like the prolific Niger Delta. The Company’s asset is OML 40 in Nigeria, which are 81.4 million barrels gross 2P reserves. OML 40’s licensed area of 498 square kilometers is found in the Niger Delta, about 75 kilometers northwest of Warr. It’s generation, booked petroleum export for 30,000 and undeveloped and developed reserves blpd including a flowstation and an export pipeline. OML 40 comprises five undeveloped fields; Abiala, Polobo, Gbetiokun, Adagbassa Creek and Ugbo.

By Scott Davis

Source: WKRB

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