Pancontinental Oil and Gas (PCL)

Hartleys Research has a “speculative buy" on Pancontinental Oil & Gas and has cut its price target from 19¢ a share to 9¢ a share.

Pancontinental holds a large acreage position offshore in Kenya and Namibia. The exploration company is participating in up to three wells in Kenya over the next 18 months and Hartleys forecast there would be plenty of activity in Kenya and Namibia to provide catalysts for the company.