EXTREMELY POSITIVE OUTLOOK ON OIL & GAS DRILLING SUB-INDUSTRY; Global Santa Fe (GSF 45.52-New York Stock Exchange):
The new Energy Policy Act of 2005 provides for additional royalty relief for deepwater and ultra-deep gas production in the U.S. Gulf of Mexico. Positive outlook on the drilling sub-industry given extremely high oil and gas prices, rising dayrates for contract drillers and high rig utilization. Top three customers include Exxon Mobil, Chevron Texaco , British Petroleum and Shell - Royal Dutch.
GSF expected to be have the largest gain from this on a % basis. Revenues should double without increase in production. Price target for GSF raised to $70 share
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