Numis also upgraded reserves to 150mmbe.They did the calcs on oil production of 45 bboe.Also said that price target was £6.00,down from £6.20.Also made referance to the fact that these could not go on trading as low as 1 X revenue for next year.A point I certainly agree with.And the market will eventually wake up this fact.
based on the reserves update,(which numis thinks can be replaced by cheap deals because of technology and the infrastructure that VPC have),i would think £7.00 would be more likely.However they do have a history of not producing.I would like to think that is now behnd them after this latest update.
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