RBC initiates on Carnarvon coverage

RCB Capital Markets has initiated coverage of Perth-based heroes Carnarvon Petroleum at outperform, a good rating for a company that announced its largest ever oil find just four months ago. 

RBC initiates on Carnarvon coverage RBC initiates on Carnarvon coverage RBC initiates on Carnarvon coverage RBC initiates on Carnarvon coverage RBC initiates on Carnarvon coverage

Perth performer gets top outperform rating as analyst sees no PRRT threat for Dorado

 
RBC's share price target is an optimistic 85c per share but given the junior's stratospheric rise from just 14c in June to briefly hit over 60c it's not outlandish. 
 
"We think the significance of the Dorado oil discovery will only increase over time with appraisal drilling and a compelling follow-on exploration program," analyst Ben Wilson wrote. 
 
Wilson calls Carnarvon a "a rare commodity" in the Aussie market exploration world - an offshore oil explorer with two significant development projects Dorado offshore WA and the Buffalo field redevelopment in East Timorese waters. 
 
RBC attributes risked value to the Dorado and Roc oil and gas development (Carnarv...