The Globe and Mail reports in its Friday, July 3, edition that pipeline progress is a key driver for Africa Oil ($2.20) going forward, says BMO Nesbitt Burns analyst Brendan Warn. The Globe's David Leeder writes in the Eye On Equities column that Mr. Warn upgraded the stock to "outperform" from "market perform." Mr. Warn justified the change by pointing to several factors in closing the "value gap," including: appraisal of the company's South Lokichar basin in Kenya; pipeline route selection; development planning progress; new Kerio Valley basin test as well as the potential for mergers and acquisitions. Mr. Warn says: "The company is funded to at least end 2015, further access to funding remains tight, other than bringing in an industry partner. ... Africa Oil's Kenya annual site visit in September should grow interest and visibility toward the end of 2015." Mr. Warn also raised his target price, bumping it to $3 from $2.60 to come into line with his core net asset value figure of $3.06 per share. Analysts on average target the shares at $3.71. The Globe reported on July 8, 2014, that Africa Oil was a top pick at BMO Nesbitt Burns. The shares could then be had for $7.16.