Another newcomer to the main market...anybody any idea what the production figures are ?

HOIL mentioned at the end of article.

Investec bullish on Genel Energy as Kurdistan risks diminish
10:58 am by Sergei Balashov Genel's 2012 drilling programme is targeting more than half a billion barrels of oil of unrisked reserves
Investment bank Investec (LON:INVP) says the political and financial risks in Iraqi Kurdistan are shrinking, which bodes well for oil explorers operating in the region such as Genel Energy (LON:GENL).

Investec analyst noted Stuart Joyner sees the recent news flow from the semi-autonomous Kurdistan region of northern Iraq as positive with export payments being processed and ExxonMobil (NYSE:XOM) signing exploration contracts in the region.

“Whilst a permanent Oil Law for the country as a whole is a ways off yet, we are cautiously optimistic that the political and financial risks are diminishing and it is against this backdrop that Genel's growth will come,” said Joyner.

The 2012 drilling programme planned by Genel, which is led by former BP (LON:BP.) boss Tony Hayward, is targeting more than half a billion barrels of oil of unrisked reserves.

According to Joyner’s estimates, the Genel’s production, mainly from Taq Taq and Takwe fields, could double to 260,000 barrels of oil equivalent per day net to the group.

Furthermore, he said the current estimate of the company’s resource base of 1.3 billion barrels of oil equivalent is “conservative” and the 2012 drilling programme represents an organic upside of 85 pence per share.

The analyst has set a target price 1,175 pence for Genel based on a Brent crude price of US$100 per barrel, a substantial premium to Thursday’s closing price of 746 pence.

This estimate does not include potential M&A activity, while Genel has US$2 billion in the bank that it could spend on value enhancing acquisitions.

Calling Genel an “obvious regional consolidator”, Joyner named Longford Energy, Shamaran, Dana Gas and Heritage Oil (LON:HOIL) as possible takeover targets for the group.

I've dropped a long bet on Heritage, lets see how it does. Agree this has been a potential takeover target for some time now.

HSBC summary note on Oil Co's in Iraq:
"We initiate coverage on Genel Energy (Neutral (V), TP 810p) and Gulf Keystone (Underweight (V), TP 280p)
We also reappraise the potential of Afren (TP 175p from 179p), Dana Gas
(TP AED0.64) and Heritage Oil (TP 250p from 282p), on which we maintain Overweight (V) ratings".

Small bet on a June future, I have a feeling this will do well. Mind you I should know better than to trade on feelings, at least no rings involved this time.

Heritage starts drilling Miran East-1 exploration well
StockMarketWire.com
Heritage Oil has started drilling the Miran East-1 exploration well in the Kurdistan region of Iraq.

This is the first well to be drilled on the large, highly prospective Miran East structure, which is contiguous to the oil and gas discoveries in the Miran West structure.

The well is targeting exploration potential within the Cretaceous and the Jurassic reservoir intervals.

It is intended that multiple target intervals will be tested and evaluated as the well is drilled to a target depth of c.4,000 metres.

The well is expected to take approximately seven months to drill and test



At 8:42am: (LON:HOIL) share price was +4.8p at 164.4p

ERBIL-Hewlêr, Kurdistan region 'Iraq', — An Iraqi Kurdish minister on Sunday sought to allay the Baghdad government's concerns about an oil exploration deal his region signed with Exxon Mobil, saying it benefits the whole country.

Iraq's central government regards any oil contracts not signed with it as invalid, and officials have said the deal the US energy giant agreed with Kurdistan last month jeopardises its contract for a massive southern oil field.

"I think that Exxon Mobil's entry to Kurdistan is not just good news for the Kurdistan region, it's good news for all of Iraq, because they bring in more investment into Iraq, into this part of Iraq," Ashti Hawrami, Kurdistan's minister of natural resources, said at a conference in Erbil.

The contract "was signed, completed on the 18th of October 2011, after the oil and gas council of the region, headed by the prime minister, met and approved a package for ExxonMobil," said Hawrami.

"It is a binding contract; it involves six exploration areas," he said,
Ashti Hawrami, Iraqi Kurdistan's natural resources minister, Erbil, Kurdistan region of Iraq. Photo: Reuters.
adding it is up to Exxon whether it runs all its operations from Baghdad, or sets up another office in Kurdistan.

"We don't mind where they run their operations from -- they (can) run Kurdistan from Baghdad, or set up a separate office here," he said.

The central government has strongly condemned the Exxon deal.

"The Iraqi government will deal with any company that breaks the laws in the same way that it has in (the) past and Exxon Mobil has been notified of this," the office of Hussein al-Shahristani,www.ekurd.net Iraq's deputy prime minister for energy, said Saturday.

In the past, Iraq has banned all oil companies that have signed contracts in Kurdistan from taking part in tenders or contracts for fields elsewhere in the country.

In January 2010, Iraq's oil ministry completed the deal with Exxon Mobil and Anglo-Dutch giant Shell to develop production at West Qurna-1, which with reserves of about 8.5 billion barrels is the country's second-biggest field.

Copyright ©, respective author or news agency, AFP


http://www.ekurd.net/mismas/articles/misc2011/11/invest756.htm

It's time this went up.......undervalued by a big percentage.....

FoxDavies views from the trading floor – Heritage Oil

i think at this sp the company could be target for take over

Still firmly set on the down side, I am tempted to bail as the trend is clearly against this stock and there doesn't appear to be any support.

Surely, looking at the chart on post #517, this is now almost a buy. Far too late to be bailing out imo, depending on your entry point. Long, long way to drilling results though.

I agree with Harrycat. I think this is worth a punt considering that just the cash holding is worth more than the company's current worth, let alone the assets it holds. Under these conditions, it could well be a takeover target. I may be getting it wrong, and something else may be in the equation like the current court case. Lets hear any views.

HOIL Heritage Oil

Confidence coming back into this stock.

Broker note just out.......

19 Apr Heritage Oil Ltd HOIL JP Morgan Cazenove Overweight 145.75 - 360.00 Reiterates

360p SP target.

HOIL Heritage oil.

I said in above post confidence was coming
back into this stock but i didnt
expect this high level of confidence
from the brokers following the stock..

Heritage Oil PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

GMP Securities [R]
16-04-12 BUY -8.21 -8.21
N+1 Brewin [R]
10-04-12 BUY -10.91 -5.70 -13.37 -7.00
Canaccord Genuity Ltd [R]
20-02-12 SPB -18.27 -5.69 -11.86 -3.79
Investec Securities [R]
07-12-11 HOLD -10.70 -4.07
Westhouse Securities
05-10-11 BUY

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus -13.67 -6.46 -12.73 -6.60
1 Month Change 2.19 0.54 -0.88 0.15
3 Month Change 5.14 0.01 0.94 0.58


GROWTH
2011 (A) 2012 (E) 2013 (E)

Norm. EPS % % %
DPS % % %

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £m £4.01m £m
EBIT £m £m £m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER -19.28x -22.39x -21.92x
PEG f f f
Net Asset Value PS p p p

Took at long position on a June future at 187.58, I figured this was a good punt, aware of what the brokers think its just a shame investors don't think the same. Holding for now...

Uganda problem continues & drilling results 5 months away. Not sure why investors would be that interested at the moment. Happy to be persuaded otherwise!

Off to a bad start but Im confident this one will come good. I saw a excelent article on twitter if I can find it Ill post it. cheers.

Does have a major gas discovery under its belt......in at a loss but I shall be patient....

Waiting for a pal to get back to me on that earlier article I mentioned on twitter. Hope hes till got it. Think it was from Money Week.

HOIL

Broker upgrade just out......

23 Apr Heritage Oil Ltd HOIL UBS Buy 140.70 190.00 - Upgrades


190p new SP target.