The Sangomar project phase 1 has received final approval from the Senegalese government and will move to execution and development. This is a major step forward for the company’s growth strategy.
De-risking Sangomar to a 75% risk weighting has increased Macquarie’s target to $36 from $35. Still, the broker continues to envisage challenges for Woodside Petroleum in the medium term because of further delays to North West Shelf/Pluto. Neutral maintained.
Target price is $36.00.Current Price is $35.43. Difference: $0.57 – (brackets indicate current price is over target). If WPL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).