Addax Petroleum initiated with neutral
Analyst Memet Kont of UBS initiates coverage of Addax Petroleum (ticker: AXC.TO) with a “neutral” rating. The 12-month target price is set to C$29.
In a research note published this morning, the analyst mentions that the company’s onshore discovery in Iraq, deepwater projects in the JDZ, offshore acreage in Cameroon and Gabon, and the Nigerian properties have significant exploration potential. The CEO, Jean Claude Gandur, has held various honorary diplomatic positions in several African countries in the past, which would provide Addax Petroleum a competitive advantage, the analyst adds.
