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Edinburgh Oil & Gas - Goldman Sachs initiates coverage with 350p price target

May 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • EDG
  • Price:
  • 249p
Given that Edinburgh Oil & Gas' main asset is a 5.2% interest in the giant Buzzard North Sea oil discovery which won't start producing until late 2006, its recent final results were largely of academic interest. Nevertheless, these results, for the year ended 31 December, provided reassurance that the Buzzard field remained on track to achieve its planned start date while it also unveiled a welcome 12% upgrade in Edinburgh's estimate of its share of reserves there from 24 to 27 million barrels of oil. However, the main reason for the recent surge in the shares lies with heavyweight broker, Goldman Sachs, which has just initiated coverage with a 12 page broker note, an "outperform" rating and a fair ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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