Canaccord Analyst Rates Oilexco a Definite "Buy"

Oilexco Inc. (OILEX.PK) is expected to announce drilling results from its latest exploration well in the U.K. North Sea located at Coronado/Morro sometime over the holidays., prompting Canaccord analyst Frederick Kozak to make perhaps the easiest recommendation of the year.

"Whether or not the Coronado/Morro well is successful or dry, we believe investors should still be buying Oilexco, " he said in a research note.

In a note to clients he said:

On news of a dry hole, we strongly recommend investors buy the stock on any potential weakness. On news of a successful well, Oilexco is likely to become a much more valuable company, with production potential of as much as 100,000 bbl/d of high working interest, operated production from the U.K. North Sea.

He left his "buy" rating and C$24 price target unchanged, and just in case clients didn't hear it the first time, he added this redundant piece of advise:

Shall we say it again? BUY Oilexco regardless of the Coronado/Morro well results.