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Premier makes “world-class” oil find off Mexico

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UK independent exploration firm Premier Oil has announced a “world-class oil discovery” off the coast of Mexico.

The find, made with partners Talos Energy and Sierra Oil & Gas, came at the Zama-1 well, the first private offshore exploration well in Mexico’s history. Premier holds a 25% share in Block 7, where the well is located.

“We are delighted to be announcing this significant new oil discovery offshore Mexico,” said CEO Tony Durrant. “We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide”

The find was made in 166 metres (546 feet) of water, around 60 kilometres (37 miles) offshore the industrial port of Dos Bocas.

“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,” said Durrant. “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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