Oil & Gas Exploration Companies: E&P sector's changing portfolio preference – By AKD Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The recent ~28% surge in Mari's stock, driven by better-than-expected results, a cash payout exceeding consensus, and an unexpected 800% bonus issuance, has pushed the market price above our Jun&rsquo;25 TP of PkR 3,100.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Moreover, the 10% tax on bonus shares, calculated based on the day-end price on the first day of book closure, would increase the holding cost for Mari shareholders by approximately 9%. However, any positive outcome from exploration activities in Block-28 and Abu Dhabi Block-5 would provide an upside risk our Jun&rsquo;25 TP.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Meanwhile, t...