low ball park1 May 2014 11:52
On Thursday morning, the company's shares hit a high of 155.75 pence in early trading, a level last seen in July 2013.
Peel Hunt analyst Werner Riding said a "potentially achievable bid" for Salamander would be within a range of 155 to 175 pence per share.
"The last few years, the share price performance hasn't been particularly strong off the back of some operational performance and exploration that hasn't really delivered," Werner said.
The company's average daily production, nevertheless, rose by almost a third last year to 14,200 barrels of oil equivalent. Pretax profit for the year ended Dec. 31, 2013 more than quadrupled to $47.3 million.
Analysts said Thailand's state-owned PTT, the fourth-biggest oil and gas firm by market value in the Asia-Pacific region, could be a potential bidder for Salamander.
PTT was not immediately available for comment on Thursday, a holiday in much of Asia.