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Premier Oil makes significant oil discovery

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Oilfield Technology,

Premier, together with its joint venture partners Talos Energy (the operator) and Sierra Oil & Gas, has announced that the Zama-1 exploration well in Block 7, offshore Mexico, has made a key oil discovery. The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history. Premier holds a 25% interest in the block.

Preliminary analysis indicates:

  • Initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion bbls, which could extend into a neighbouring block.
  • A contiguous gross oil bearing interval of over 335 m (1100 ft), with up to 200 m (650 ft) of net oil bearing reservoir in Upper Miocene sandstones with no water contact.
  • Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas.

The well was spudded on 21 May 2017 using the Ensco 8503, a moored floating drilling rig. Located in 166 m (546 ft) of water and approximately 60 km (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3383 m (11 100 ft). The operator is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approximately 4200 m (14 000 ft).

Tony Durrant, CEO, commented: “We are delighted to be announcing this significant new oil discovery offshore Mexico. We have encountered a very substantial oil bearing interval, which indicates over 1 billion bbls of oil in place, a commercial standalone development that adds materially to Premier’s portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico.

“The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the Government and our partners to realise the full potential of this exciting discovery.”

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Upstream news Mexico upstream news Exploration news Offshore news