Interra Res has seen pretty high Top 20 volume today. Immediate resistance is at 0.50 currently with 20 DAY MA (Green line) at 0.485. Has seen it crossed above this short term MA line briefly in the morning hitting a high of 0.49 as of now. Trading range is from 0.45 to 0.55 since March 2013. Possible to see it rebounding fast if the 0.500 clears out and can expect a short term target to 0.55. Those waiting for the breakout can consider locking in some positions at these levels and average up on break out of 0.50.
Stop loss at 0.44.
DBSV – 5TH June 2013
Largest onshore oil producer in
Myanmar –
Potential Target * : 12-Month S$ 0.57 (12%
upside)
• Oil & gas proxy in Myanmar and Indonesia with
assets mainly in production phase
• Significant production ramp up to drive nearterm
growth; potential further upside from
exploration assets and bids for new licences
• Fair value implies 12% potential
Largest onshore oil producer in Myanmar with 40% market
share. Interra Resources (ITRR) is an oil & gas exploration and
production company with two producing fields in central
Myanmar and two producing fields and one exploration site in
Indonesia. The company currently has about 24.6m barrels of 2P
(proven + probable) reserves and its wells produced close to 1m
barrels of oil last year. Myanmar is the key earnings contributor
at 86% of FY12 EBITDA. ITRR has been in Myanmar since 1996.
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