Yes? And what's wrong with Hardman at 20%+? Premier a T/O...

Yes? And what's wrong with Hardman at 20%+? Premier a T/O prospect on it Mauritanian holdings, what does that make Hardman?!

Mauritania prospects make Premier a worthy hold

Mauritania is one of the exciting unknown quantities in the oil world. Companies with interests in this West African country have, in recent months, caught the attention of investors in a big way.

Premier Oil, a London-listed exploration and production group, released a positive drilling update yesterday on its interests in Mauritania, sending its shares up 23p to 608p.

The news on the Tiof-6 appraisal well - Premier has a 9 per cent stake in the Tiof field - showed a good oil flow rate. The oil is flowing at a "stable rate" of 9,150 barrels a day, Premier said, which was better than expected. Analysts suggest the recoverable reserves at Tiof may be at the top of estimates, of 200 million barrels to 400 million barrels of oil.

Separately, Premier is involved in the development of the smaller Chinguetti field, which will provide the country's first oil output next year. The group will also see exploration activity in other countries, including Gabon, Guinea Bissau, Vietnam and Pakistan.

The Tiof news is encouraging, demonstrating the field's potential. It may make Premier attractive for predators looking for exposure to Mauritania and its other prospects. But otherwise, Premier shares have pretty much kept pace with developments. Hold.