Premier Oil reports significant resource upgrade at Zama

LONDON -- Premier has announced that it has significantly increased its resource estimate of Zama field offshore Mexico, following its evaluation of the data acquired from the highly successful Talos Energy-operated Block 7 Zama appraisal campaign. The campaign comprised two appraisal wells (Zama-2 and Zama-3) and a vertical side-track (Zama-ST1), which was flow tested.

The latest appraisal well, Zama-3, has proven the lateral continuity of the reservoir 2.4 km to the south of Zama-1 with the quality of the reservoir sands encountered at the upper end of expectations.

A comprehensive set of data was acquired during the campaign, including high resolution wireline logs, extensive fluid sampling and pressure data, together with the recovery of over 400 m of core and a drill stem test to confirm well productivity.

The data has demonstrated reservoir properties at the upper end of expectation, including a higher net-to-gross ratio, better porosity and increased hydrocarbon saturation. This has resulted in a higher estimated oil-in-place and ultimate recovery from Zama field. Consequently, Premier has refined its gross resource estimate of the Zama structure to 670-810-970 MMboe (P90-P50-P10).