Barclays maintains an 'Overweight' on Hess Corp. (HES); Announced Paradise Discovery, Ghana

Barclays maintains an 'Overweight' on Hess Corp. (NYSE: HES), PT $108.

Barclays analyst says, "We view Hess's latest announcement positively; it confirms the presence of a potential major oil and gas condensate discovery at its Paradise prospect in offshore Ghana. Although it remains premature to estimate accurately the size of the resource, this announcement should quiet the concerns that this is primary gas. In addition, it is worth noting that the initial discovery well of the Jubilee field encountered only 95 m, or 310 ft of net pay, compared to the net pay of 490 ft in the Paradise well. We now assume the recoverable resource in Paradise well to be in the range of 200-300 mmbls. We continue to preliminarily estimate the resource at $5-$10/bl. For every 100 mmbls found in the block, we estimate it could add $1-$3/share to HES's near term NAV."

For more ratings news on Hess Corp. click here and for the rating history of Hess Corp. click here.

Shares of Hess Corp. closed at $74.53 yesterday.

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