‘Significant’ rise in Zama estimates, Premier Oil (LON:PMO)

Premier Oil said today that the resource estimate for the Zama field offshore Mexico had been raised “significantly” following the drilling of appraisal wells.

The London-listed firm said the latest appraisal well proved the “lateral continuity of the reservoir 2.4 kilometres to the south of Zama-1”.

The data has demonstrated better porosity and increased hydrocarbon saturation.

This has resulted in a higher estimated oil-in-place and ultimate recovery from the Zama field.

Premier has refined its gross resource estimate of the Zama structure to 810 mmboe on a P50 basis.

Tony Durrant, Premier CEO, commented: “We are delighted with the results of the latest Zama appraisal well which, together with the positive results from the earlier appraisal wells, has caused us to significantly upgrade our resource estimates of the Zama structure.

“Our focus now turns to selecting the optimal development for the field, ahead of taking a final investment decision next year.”

The Block 7 consortium comprises Talos Energy (35 per cent), Wintershall Dea (40 per cent) and Premier (25 per cent).

Source www.energyvoice.com


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