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Home Markets Markets Royal Dutch Shell oil find backs rating upgrades
Royal Dutch Shell oil find backs rating upgrades PDF Print E-mail
Written by Sam Coventry   
Friday, 19 March 2010 12:09
Shell makes deep oil strike in Gulf of Mexico.



Royal Dutch Shell Plc (LON:RDSA) says it has made a significant discovery of oil 25,000 feet below the surface in the Gulf of Mexico.

The company says the deposits were found at the Appotmattox prospect in the Mississippi Canyon of the gulf, an area where other rich deposits were discovered last year.

Shell said in a statement Friday it found oil at 25,077 feet (7,217 meters), then drilled an appraisal sidetrack and found more at 25,950 feet (7,910 meters).

Shell operates and holds an 80 percent working interest in the prospect, with the Canadian-based Nexen Inc. holding the remaining 20 percent.

Shell Upgrades


Royal Dutch Shell Shares (both A and B) have received significant heat from brokers over the past week. Most rating upgrades have come courtesy of company restructuring.

Today's find will only add impetus to the finds.

The last 24 hours have seen analysts at HSBC Holdings offer their upgrades.

Royal Dutch Shell (A) shares have been set a new target price of 2238.72, this is 14.75% higher than yesterday's close.

Royal Dutch Shell (B) shares have been     HSBC upgraded to 2210, that is 18.12% higher.
Last Updated ( Friday, 19 March 2010 12:11 )