Canacol Gets Speculative Buy Rating

Canadian oil company Canacol Energy has received a “speculative buy” rating from Medellin-based brokerage Bolsa y Renta ahead of its listing on the Colombian Stock Exchange (BVC) – which is expected to take place within the next 2 weeks – says equities analyst Carlos Gonzalez. Bolsa y Renta has a COP2,080 per share target price for Canacol’s stock. Canacol, which already trades on the TSX Venture Exchange, will not issue new shares. Instead, it will allow common shares that are currently issued to be traded through the BVC. The company has 11 exploration and production blocks in Colombia and plans to invest $37m in the country. It also has operations in Guyana and Brazil. Citi is handling the BVC listing. Canacol closed Monday at CAD0.88 (COP1,563).