With decreasing CAPEX & OPEX, increasing production from new fields coming online, this should push up profits resulting in the reduction of their Debt/EBITDA ratio with no major financial obligations until 2022!
Major events that can be good boosts to the share price in the next few years: Catcher to come online followed by the Chim Sao infill well, Tolmount and maybe Tuna/Sea Lion. There are also more assets from EON aquisition that can be sold, gas portfolio inherited from EON would also do quite well considering the high gas prices now and not to forget the long term very profitable gas contract from the Indonesian fields to Singapore!
PMO is way under valued in par with similar oil companies within the UK. However is does rest on the warrants deal about to be announced at some tome in the alleged future. If this deal is favourable and the oil price holds up then £2.50 should be achievable by the end of the year.