First-quarter revenue rose 13% (quarter-on-quarter), while total production was relatively flat, explains Morgans.
The company’s drilling program continues to achieve high levels of success with around 94% of wells successfully drilled during the quarter, highlights the broker.
As commodity prices recover Morgans believe the company has the capability to expand production from existing facilities to earn high rates of return on future drilling programs.
The Add rating and target price of $2.06 are unchanged.
Target price is $2.06.Current Price is $1.31. Difference: $0.75 – (brackets indicate current price is over target). If BPT meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges – negative figures indicate an expected loss).