Shares digital

Gas-focused explorer Serica Energy (SQZ:AIM) has taken a battering on the market ever since coming up with two dusters in Indonesia at the turn of the year.

The first two wells to be drilled on the Biliton Block in the Java Sea, of which Serica has 45% and is operator, were unsuccessful.

The share price is down more than 40% from its year high, to settle around the 75p mark. The company is trading at a significant discount to both house broker Cazenove’s core net asset value (NAV) of 112p and Oriel’s NAV of 94p.

The former’s energy analyst Jessica Sadaat says: ‘We believe the recent share price weakness has created an attractive buying opportunity.’

Shares says: With an active drilling programme planned for the second half this may be worth taking a punt on. by Tom Sieber

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