re: Ann: Mako Appoints Macquarie and Acquires...
Just need to sit back and let it happen
Chevron (CVX US; US$94.07); Rating: Outperform; Target: US$117.00 Net Sections: 313 Chevron holds nearly 200,000 net acres of land targeting the Duvernay shales. Its first horizontal is licensed at 04-21-059-19W5 (Kaybob), while its second horizontal is licensed at 06-22-062-18W5 (Fox Creek). We believe the second license represents a key well for Chevron and the entire Duvernay play, as it will be testing the so-called ?oil window.? To our knowledge, Chevron intends to be one of the most active producers in the area, with plans to drill up to 10 wells over the next twelve months. Based on the recent licenses, we can surmise that Chevron participated in both the 15 Dec 2009 and 7 July 2010 land sales.
MKE Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
