Premier Oil PLC Award of three blocks in Mexico's Round 3.1 (1602J)
March 28 2018 - 1:01AM
UK Regulatory
TIDMPMO
RNS Number : 1602J
Premier Oil PLC
28 March 2018
PREMIER OIL PLC
("Premier")
Award of three blocks in Mexico's Round 3.1
28 March 2018
Premier is pleased to announce that it has been awarded Block 30
in the Sureste Basin and Blocks 11 and 13 in the Burgos Basin, in
Mexico's Round 3.1 held in Mexico City on 27 March 2018.
Blocks 30, Sureste Basin (Premier 30 per cent)
Premier, together with its joint venture partners DEA (operator,
40 per cent) and Sapura Energy (30 per cent), has been awarded
Block 30 in the shallow water Sureste basin, a proven and prolific
hydrocarbon province in the Gulf of Mexico. Block 30 is located
directly to the south west of Premier's world-class Zama discovery
and to the north of the Amoca oil field.
Premier has identified numerous material leads and prospects on
Block 30 in the Tertiary clastic plays, typical of the Sureste
Basin. Several of the prospects identified exhibit DHIs (direct
hydrocarbon indicators) on existing 3D seismic, significantly
de-risking the potential of this block. These anomalies are similar
to those seen at the Zama and Amoca oil fields.
The forward plan on Block 30 is to acquire further 3D seismic in
2019 ahead of firming up drilling locations for 2020.
Blocks 11 and 13, Burgos Basin (Premier 100 per cent)
Premier has been awarded 100 per cent operated interests in
Blocks 11 and 13 in the Burgos Basin where Premier has leveraged
its growing understanding of the Mexican shelf to gain early access
to this highly prospective basin directly inboard of the prolific
deep water Perdido fold belt.
Premier has mapped several structural closures on existing 3D
seismic in analogous plays to those proven in the onshore Burgos
basin and offshore the US Gulf of Mexico. The exploration targets
are Pliocene to Miocene in age and extensive regional mapping and
basin maturity modelling suggests access to oil charge.
The initial work programme includes reprocessing existing 3D
seismic which will enable Premier to better define the trapping
geometries in the extensional play setting and to de-risk a
potentially material oil play.
Tony Durrant, CEO, commented:
'The outcome of this highly competitive licensing round is a
fantastic success for Premier and its partners. We are delighted to
have been awarded Block 30, the most contested block in the Round.
This award increases our footprint in the prolific, shallow water
part of the Sureste Basin. The award of Blocks 11 and 13 provides
us with a low cost entry into the Burgos basin, where we will look
to repeat the first mover advantage we enjoyed in the Sureste Basin
with the Zama discovery. The awards significantly enhance our
existing acreage position in Mexico and have the potential to
deliver significant organic growth for our business in the longer
term.'
Notes to editors
The full list of bids submitted in Round 3.1 can be found on the
CNH website.
Enquiries:
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief Executive
Dean Griffin, Head of Exploration
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
This information is provided by RNS
The company news service from the London Stock Exchange
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