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

PREMIER OIL

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Premier Oil : Updates Drilling in Zama Field off Mexico

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01/12/2019 | 09:32am EDT

Premier Oil says the first appraisal well in Zama field on Mexicos offshore Block 7 encountered the main Zama reservoir. Separately in Mexico, Premier Oil plans a 3D seismic survey across offshore Block 30 starting in the second quarter.

Operator Talos Energy LLC and partners discovered oil and associated gas with the Zama-1 discovery well about 37 miles offshore Port of Dos Bocas, Mexico (OGJ Online, July 12, 2017). Block 7 interests are held by Talos 35%, Sierra Oil & Gas 40%, and Premier Oil 25%.

Zama-2 was spud in late November 2018 to the north of Zama-1. Talos and partners are looking for the depth of the oil-water contact. The well will be deepened to test the Marte prospect and finally side tracked updip and flow tested.

Zama-1 contained 558-656 ft of net oil pay in Upper Miocene sandstones with no water contact. Initial tests recovered light oil samples with 28-30 gravity oil and some associated gas.

Plans call for the drilling of the Zama-3 appraisal well to the south (OGJ Online, May 18, 2018). The appraisal program is expected to be complete by midyear with the goal to achieve initial production in 2022.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Sales 2019 1 562 M
EBIT 2019 495 M
Net income 2019 86,8 M
Debt 2019 2 003 M
Yield 2019 -
P/E ratio 2019 9,52
P/E ratio 2020 6,67
EV / Sales 2019 1,79x
EV / Sales 2020 1,80x
Capitalization 790 M
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Number of Analysts 15
Average target price 1,76 $
Spread / Average Target 83%
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Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
Roy Alexander Franklin Non-Executive Chairman
Paul Williams Group Development & Operations Manager
Richard Andrew Rose Finance Director & Executive Director
Robin A. Allan Executive Director & Director-North Sea
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