Shares digital

UK oil and gas firm Premier Oil (PMO) announced an 8% hike in production for 2007 and has set a target of 50,000 bopd by 2010. To this end the company plans an active work programme in 2008 with around 18 development wells and up to 12 exploration and appraisal wells being spudded. Stock currently changes hands for around £13.50 and in response to the update UBS reiterated its ‘buy’ rating, increasing its price target from £15.50 to £16.50.

Shares says: Despite having some drilling disappointments last year there is still upside in the shares and the prospect of attracting a buyer. TS