Translated (badly) from the following link: http://e24.no/boers-og-finans/article3897169.ece

Sverre Rørvik Nilsen
Posted: 11/09/1910 4:41 p.m., Updated: 11/09/1910 5:30 p.m.

Tuesday it became clear that U.S. Energy Atlas, which like Questerre (QEC) operates with shale gas, has been bought by oil giant Chevron.

After the news broke, the Questerre shares rose more than 6 percent on the Oslo Stock Exchange.

Could go as high as 60 NOK
Two analysts E24 has been in contact with, both believe an acquisition of Questerre is becoming more likley.

Patrik Hofseth in Argo Securities believes the acquisition can occur within one year, while Trond Omdal at Arctic Securities think the QEC shareholders may have to wait up to two years for a possible acquisition.

- In principle, we believe there must be drilled several wells and one must have the results from next year's drilling program prior to a purchase. Should the results be positive for Questerre, the company would have a fair value of between 40 and 60 kroner per share, but for those prices to be realised then gas prices in the U.S. must also rise, "said Omdal to E24, adding that there remain many variables that must fall into place in order to achieve such a high price.

Omdal has set a 12 month sp target of 36 kroner.

Tuesday Questerre traded for 9.69 kroner, a rise of 519% is required to reach 60 kroner.

Hofseth believes that an acquisition may take place within a year, but at a much lower price.

- I have a price target of NOK 15 per share and a buy recommendation, "he says and points out that the theoretical market value is probably around 17 kroner, in an e-mail to E24.

Omdal believes that investors should focus on Questerre, if one believes the rising gas prices and successful drilling results.

Severely punished.
Questerre has been one of Oslo's most popular daytrader-shares since the upturn in 2008. After the stock topped the 30 kroner just before the financial crisis, the company has been through several ups and downs.

The last came in the autumn, when Questerre shares collapsed after new measurements from the gas field their spread.

1. October stock fell 24.3 percent after the company reported disappointing test results of a test well outside Quebec.

The results were then referred to as the "awful lot worse than everyone expected and much lower than the company itself was guided by"

- The stock was punished too hard in my opinion following the last operational update from the company, writes Hofseth.