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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Oil    PMO   GB00B43G0577

PREMIER OIL

(PMO)
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Premier Oil : Successful well test of the Zama discovery

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04/16/2019 | 02:23am EDT

Premier Oil plc (Premier)

Successful well test of the Zama discovery

16 April 2019

Premier notes the press release by Talos Energy, the operator of Block 7 offshore Mexico, announcing the successful drill stem test (DST) of the Zama-2 side track well (Zama-2ST1). This follows the successful Zama-2 appraisal well which completed in January.

DST operations were successfully conducted on Zama-2ST1 and a combined oil flow rate of 7,426 bopd was achieved from two separate flow tests over a total perforated interval of 248 feet. As planned, rates were restricted due to limited drawdown to prevent sand production. Flow and pressure measurements indicate a prolific reservoir.

The Zama-2ST1 logged 873 feet of gross oil bearing reservoir with a net-to-gross ratio of c. 70%, in line with expectations. In addition, 714 feet of whole core was cut with 98% recovery.

The rig will now move to drill the third and final Block 7 appraisal well (Zama-3) to confirm lateral reservoir continuity and quality in the southern part of the field. The programme remains ahead of schedule and under budget.

Tony Durrant, Chief Executive, commented:

'We are very pleased by the productivity demonstrated by this well and we continue to collect further evidence that Zama has a world-class reservoir with excellent quality and well-connected sands. This has positive implications for the expected ultimate recovery from the field and will help us to optimise the field development. We look forward to the conclusion of the Block 7 appraisal programme with the Zama-3 well.'

Enquiries

Premier Oil plc

Tel: 020 7730 1111

Tony Durrant, Chief Executive

Dean Griffin, Head of Exploration

Camarco

Tel: 020 3757 4983

Billy Clegg

James Crothers

Disclaimer

Premier Oil plc published this content on 16 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 April 2019 06:22:09 UTC

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EBIT 2019 488 M
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P/E ratio 2020 9,88
EV / Sales 2019 2,08x
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Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
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