Now that we have had a production update for the BW pilot Patersons have released thier awaited update. They remain very postive and believe the current price is a good entry point, with an exciting 2010 ahead. This is the recommendation:
"We maintain our BUY recommendation with a price target of $1.32/sh. The recent decline in share price due to wider gas market and onsite production issues provides a low entry point for what we believe should be an eventful 2010. These key catalysts will be challenged by what is currently a more lack lustre CSG market, however we anticipate an improvement in early 2010."
A few more updates and sentiment should continue today's turnaround.
H
ESG Price at posting:
78.0¢ Sentiment: LT Buy Disclosure: Held