FY19 results were in line with estimates. There is a 10% increase to 2P estimates for Casino Henry, offset by a -2% decrease for Sole. Sole start-up guidance remains on track and firm gas sales are expected in December.
Should Annie/Elanora and Sole proceed successfully over coming months, Credit Suisse suspects momentum will provide further price support, although any disappointment will dampen enthusiasm.
Neutral maintained. Target is raised to $0.56 from $0.55.
Target price is $0.56.Current Price is $0.55. Difference: $0.01 – (brackets indicate current price is over target). If COE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).