88 Energy's South Prudhoe project is a "significant multi-reservoir, infrastructure-led opportunity” says broker

UK stockbroker Cavendish has reacted with continuing bullishness in the direction of 88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) after the Alaska-focused explorer releases a new resource upgrade, which analysts see as sharpening the investment case for the South Prudhoe project. Cavendish repeated its ‘Buy' rating, which comes with a 19.8p target price (compared with a current share price of 1.4p), whilst pointing to “material update” to the prospective resources at South Prudhoe, where gross unrisked 2U prospective resources have increased by 35% to 768.9mln barrels, or 640.7mln barrels net to 88 Energy.