Pareto analyses the impact on ExxonMobil’s latest discoveries on Eco.
Earlier today, ExxonMobil announced two more discoveries on the Stabroek block, offshore Guyana. It is estimated that so far more than 5bn barrels of recoverable oil have been discovered on this block. There is also a great deal of prospectivity yet to be tested including prospects on the neighbouring blocks. We highlight the junior explorer, Eco Atlantic, as an attractive investment opportunity for those investors looking for a leveraged exposure to the Guyanan exploration fairytale turned to reality case. We have a BUY rating on Eco Atlantic with a GBp 120 target price.