Broker Tips Petroceltic

By John Lee.

Shares in Petroceltic plc were trading up nearly 4 percent on Tuesday, following a positive note from a London-based broker.

Peel Hunt analyst James Carmichael claims that near-term drilling in Iraqi Kurdistan could significantly increase Petroceltic’s resource base.

Proactiveinvestors says the broker has a ‘buy’ recommendation and a 202p price target for the company, which is some 50% above the current price of 130p.

“We believe that the earnings visibility provided by the current portfolio, the potential for Dragon to return with a renewed offer, and the scale of the Shireen prospect provide a number of possible catalysts for share price growth over both the short and medium-term.”

(Source: Proactiveinvestors)