This one is from within my online bank so I can't provide a link...

Inbound 11.03.2010 13:10 - TDN
Oslo (TDN Finans): The Oslo Stock Exchange has picked up somewhat on Thursday afternoon, but remains in negative terrain. Questerre Energy is among the highest
traded stocks and one of those that has risen the most.

Analysts TDN Finans has talked to says there is no specific reason why Questerre's shares rose Thursday.

Analyst Trond Omdal in Arctic Securities points out, however, that Devon Energy has sold its assets in Brazil, Mexico and Azerbaijan for seven billion dollars to BP in order to finance faster growth in unconventional oil and gas production in North America.

-The transaction between Devon and BP may be part of the reason that the stock rises. Devon have said they will use the selling price to accelerate growth in unconventional oil and gas production in North America, where Devon already have large positions, including the Barnett and Woodford as well several positions in the more immature shale gas fields in the United States and Canada, says Omdal to TDN Finans.

He believes Questerre is a takeover candidate.

-The probability that Questerre is acquired is significant if the Utica turns out to be as good test results from the operator Talisman's first horizontal well St Eduoard indicated. Then one can expect even more larger companies will be interested in assets in shale gas field in Quebec where Questerre have large land areas, "he says.

Artic Securities has a buy recommendation on the stock with a target price of 55
kroner (9.63 CAD).

-The most important trigger for Questerre is the next horizontal test well in Gentilly, where the results are expected in June. In addition we expect M & A activity to remain high in North American shale gas, "says the analyst.

He also points out that there has been much focus on shale gas at the CERAWeek -
conference in Houston this week where among other things, chief executive Helge Lund
from Statoil has given a presentation where he talked about further growth opportunities within shale gas, both in North America and globally.

According to The Wall Street Journal, Helge Lund is quoted as saying, among other things, that Statoil will continue to look for investment opportunities in the U.S., but that
this is not the main focus now.

Analyst Are Martin Berntzen in First Securities sees no specific reason for the current price rise.

-The stock is still cheap, so it's no wonder the stock continues to advance. The stock fell a bit after the recent stock issue, we see a possibility that the company can make a marginal profit in 2011, but nobody is pricing Questerre on its short-term earnings, "he says.

First Securities has a strong buy recommendation with a kursmål at 38 kroner (6.60 CAD).

Questerre shares are up 3.2 percent to 25.70 kroner, and traded for over 77
million kroner.

BP's acquisition of Devon will give the company a foothold in Brazil, as well as consolidating its position as one of the largest players in the Gulf of Mexico.

-This is one of the best purchases BP has ever done. Brazil lacked in the company's portfolio and ownership interests are all høymarginfat, says analyst Jason Kenney at ING Conmmercial Banking to Bloomberg News.

BP fell 0.4 percent on the London Stock Exchange on Thursday.

The main index on the Oslo Stock Exchange is down 0.35 percent to 371.80 points, and it has traded equities and equity proof of 2.4 billion.
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christer.teigen @ tdn.no
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