Offshore Mexico group lines up block 7 well

Premier and its partners have completed their technical evaluation of block 7 offshore Mexico, including the amplitude-supported Zama prospect.

Offshore staff

LONDON – Premier and its partners have completed their technical evaluation of block 7 offshore Mexico, including the amplitude-supported Zama prospect.

The company expects to soon receive an option notice to increase its equity interest in the license to 25%, with the first well set to be drilled in mid-2017.

Offshore Brazil, Premier has secured an extension of the first-phase exploration period for two operated licenses to July 10, 2019. The extension will help the company draw up cost synergies with other operators in the Equatorial Margin who plan to begin drilling during the second half of 2018.

In the offshore North Falkland basin, front-end engineering and design continues on theSea Lion project with technical definition of the project well advanced, and the current breakeven price estimate at $45/bbl.

Premier anticipates further reductions through market engagement.

Offshore Indonesia, the company is targeting a final investment decision in 1Q 2017 on theBison, Iguana, and Gajah Puteri gas field developments, to support long-term gas contracts to Singapore and Indonesia.

Finally, production from the Premier-operated Chim Sáo field off Vietnam has improved following an intervention campaign that included reservoir stimulation of three oil wells and a water injector.

The company says it has identified upside at Chim Sáo and plans further intervention work and two infill wells during 2017 to help sustain production levels.

11/22/2016

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