MARKET TALK: Westhouse Raises Targets For Rockhopper, Desire

10th Jun 2010 16:49

1549 GMT [Dow Jones] Westhouse Securities increases target prices for Falkland Islands oil explorers Rockhopper Exploration (RKH.LN) and Desire Petroleum (DES.LN) to 663p and 139p, respectively, from previous targets of 404p and 101p. Says the upgrades follow an upward revision of its estimates for the value of oil per barrel at the companies' prospects, sterling's decline against the dollar and Rockhopper's Sea Lion discovery. Rates both companies buy, with a preference for Rockhopper. Notes contingent resources at Sea Lion account for roughly 70% of its Rockhopper target price. Rockhopper shares -2.3% at 279.5p. Desire shares -3.4% at 86p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 10, 2010 11:49 ET (15:49 GMT)