Premier Oil PLC Post-appraisal significant Zama resource upgrade (5750D)
June 27 2019 - 2:01AM
UK Regulatory
TIDMPMO
RNS Number : 5750D
Premier Oil PLC
27 June 2019
Premier Oil plc
("Premier")
Significant resource upgrade at Zama following conclusion of
appraisal campaign
27 June 2019
Premier is pleased to announce that it has significantly
increased its resource estimate of the Zama field offshore Mexico,
following its evaluation of the data acquired from the highly
successful Talos Energy-operated Block 7 Zama appraisal campaign.
The campaign comprised two appraisal wells (Zama-2 and Zama-3) and
a vertical side-track (Zama-ST1) which was flow tested.
The latest appraisal well, Zama-3, has proven the lateral
continuity of the reservoir 2.4 kilometres to the south of Zama-1
with the quality of the reservoir sands encountered at the upper
end of expectations.
A comprehensive set of data was acquired during the campaign,
including high resolution wireline logs, extensive fluid sampling
and pressure data, together with the recovery of over 400 metres of
core and a drill stem test to confirm well productivity.
The data has demonstrated reservoir properties at the upper end
of expectation, including a higher net-to-gross ratio, better
porosity and increased hydrocarbon saturation. This has resulted in
a higher estimated oil-in-place and ultimate recovery from the Zama
field. Consequently, Premier has refined its gross resource
estimate of the Zama structure to 670-810-970 mmboe
(P90-P50-P10).
Tony Durrant, 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."
Enquiries
Premier Oil plc
Tony Durrant, Chief Executive
Robin Allan, Director North Sea and Exploration
Dean Griffin, Head of Exploration
Tel: 020 7730 1111
Camarco
Billy Clegg
James Crothers
Tel: 020 3757 4983
Notes to editors
The Block 7 consortium comprises Talos Energy (35 per cent),
Wintershall Dea (40 per cent) and Premier (25 per cent).
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END
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