House broker Cenkos has adjusted its price target to 9.09p, up from 8.9p, against a market price of 2.45p.
Cenkos also repeated a ‘buy’ recommendation for the AIM-quoted share.
United completed its transaction to acquire the Rockhopper Egypt business delivering production of around 1,700 barrels oil equivalent per day, via a 22% non-operated stake in the Abu Sennan concession.
Abu Sennan presently comprises seven fields and ongoing work campaigns by operator Kuwait Energy seek to increase volumes and expand by exploration.
Cenkos, in its note, added: “Near-term production comes from the Al Jahraa field, where construction of a gas pipeline is expected to bring an additional c.1,000 boepd (220 boepd net) of gas onstream.
“Material upside comes both via exploration and infill wells, with El Salmiya-5, the first of a fully funded four well campaign looking to target bypassed pay in previously untargeted reservoirs.”