FWIW, Barclays recently upgraded FPM to overweight with a TP of 110p and Peel hunt have a TP of 115p. Both low ball imo.
My own feelings and observations are that this is a cracking management and ops team that really cannot do much more than they have already. I would like them develop this company into something really special, a rarity in the UKNS these days. The prospects are decent enough. Near term, the DST is due any day now and more drills expected later this year and next, decent hedges in place, production to exceed 40,ooo boepd in 5 years. With a free float of circa 85%, it's possible we will probably be gone before that happens, hopefully management will not accept a low ball take out like what happened at IAE. All things considered, I'm looking for 140p, perhaps more if Brent comes right.
Hope that helps. Good luck.