Citi Reports Transocean Inc's Gulf Exploration Approval (RIG)

Citi Reports Transocean Inc's Gulf Exploration Approval (RIG) Citi has issued a report informing of the plan that was approved to allow Transocean Inc. RIG explore the Gulf of Mexico. According to the report, "The Bureau of Ocean Energy Management approved the first oil and gas exploration plan for the deep waters of the Gulf of Mexico since the Macondo well blowout in April 2010. The plan submitted by Shell calls for drilling three new exploratory wells using Noble's Jim Thompson rig. Permits to drill the three wells can be issued now that the plan has been approved. This breakthrough comes sooner than many expected." RIG has a Buy/High Risk Rating and a $97 PT. RIG closed at $79.66 yesterday.