UBS recently increased Tap Oil ’s earnings per share forecast for 2013-14 and 2014-15 and upgraded its recommendation from “neutral" to “buy" as the broker reassessed the potential upside from Tap’s recent exploration success in Ghana.

Earnings per share forecasts for 2013-14 were increased by about 22 per cent to 14.2¢, and substantial growth is expected in 2014-15 with UBS now expecting earnings per share of 22.6¢. This represents a price-earnings multiple of 2.2 relative to UBS’s 12-month price target of 51¢.