Canaccord Upgrade - 48c TP

Here's the latest:

Canaccord says the latest flow rates at Comet Ridge's Mahalo coal-seam gas operation in eastern Australia confirm its view that the resource is worth more than Origin Energy's Ironbark field. So, the bull says the value gap between the two projects needs to close. The book value for Ironbark stands at A$279 million so "applying Ironbark's book value per unit to Mahalo yields A$372 million (A$0.55/share) for 2P or A$543 million (A$0.81/share) for 3P net to Comet Ridge," Canaccord says. The broker lifts its price target on Comet Ridge by 20% to A$0.48/share, citing better-than-expected productivity from the Mira 6 horizontal well. ([email protected]; @dwinningWSJ)