We reiterate our Outperform recommendation on Premier Oil with a target price of £2.60 per share following the encouraging results at Isobel Deep in the Falklands North Basin. This was the most material well of its 2015 drilling campaign and we view this result as important for the Northern Basin. Isobel is a play opener in an unexplored area highlighting important running room in the basin. While the well itself was targeting only 56 mmbbl P50 gross Prospective Resources, it is part of
