Premier Oil PLC Zama-1 Spudded (7406F)
May 22 2017 - 2:00AM
UK Regulatory
TIDMPMO
RNS Number : 7406F
Premier Oil PLC
22 May 2017
This announcement has been determined to contain inside
information
PREMIER OIL PLC
("Premier")
Zama-1 Spudded
22 May 2017
Premier is pleased to announce that the Zama-1 exploration well
in Block 7 (Premier equity 25 per cent) in the shallow water
Sureste Basin, offshore Mexico, was spudded at 0630 on 21 May 2017.
This is the first exploration well to be drilled on acreage awarded
in Mexico's first international licencing round in 2015.
The well's principal target is the low risk Zama prospect with
supportive direct hydrocarbon indicators in the Tertiary clastic
reservoirs. The Zama structure is estimated to have a P90-P10 gross
unrisked resource range of 100-500 mmbbls. The well is expected to
take up to 90 days to drill both the Zama prospect and the
secondary target, Zama Deep, at a total cost to Premier of $16
million.
The partners in Block 7 are Talos Energy (operator, 35 per
cent), Sierra Oil and Gas (40 per cent) and Premier (25 per
cent).
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief Executive
Robin Allan, Director, North
Sea & Exploration
Bell Pottinger Tel: 020 3772 2570
Lorna Cobbett
Henry Lerwill
Forward Looking Statements
Certain statements in this announcement are forward looking
statements. These forward looking statements can be identified by
the use of forward looking terminology including the terms
"believes", "expects", "estimates", "anticipates", "intends",
"may", "will" or "should" or in each case, their negative, or other
variations or comparable terminology. These forward looking
statements reflect Premier's current expectations concerning future
events. They involve various risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Group, third parties or the industry to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Such risks,
uncertainties and other factors include, amongst other things,
general economic and business conditions, industry trends,
competition, changes in regulation, currency fluctuations, the
Group's ability to recover its reserves or develop new reserves and
to implement expansion plans and achieve cost reductions and
efficiency measures, changes in business strategy or development
and political and economic uncertainty. There can be no assurance
that the results and events contemplated by these forward looking
statements will in fact occur.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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