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iShares Mortgage Real Estate Capped Message Board

  • Grobnette Grobnette Feb 12, 2004 6:53 PM Flag

    Comment from Jefferies & Co.

    Reit Buy Remington Oil & Gas, currently rated Buy, announced that it made two new discoveries, West Cameron 457 #1 and Eugene Island 304 #1, and drilled one dry hole at West Cameron 328 #2.  REM announced it drilled Vermillion 136 #1 Deep Shelf well to total depth of 18,400 ft, but the well was still being evaluated.  Neither of REM`s discoveries are "company makers," but they represent solid additions & excellent econ. returns that enhance the co.`s prod. growth story. Despite disappointment in REM`s dry streak on high-potential Deep Shelf targets, REM now has a backlog of 8 developments that have yet to be tied-in. These developments represent 31,400 Mcfepd of net incremental deliverability (30% of current prod.), giving us confidence in full-year 2004 prod. est. of 108,900 Mcfepd.  We reiterate Buy rating and 12- to 18- month price target of $25, which is based upon a 4.7x multiple of our 2004 CFPS est.

11.88+0.09(+0.76%)Feb 27 4:00 PMEST

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