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Premier Oil increases resource estimate from Zama field in Mexico

By BFN News | 09:44 AM | Thursday 27 June, 2019


Premier Oil said it had "significantly increased" its estimate of how much oil could be recovered from its offshore Zama project in Mexico. Evaluation of data from appraisal wells and a vertical side-track demonstrated reservoir properties "at the upper end of expectation", the company said. This include a higher net-to-gross ratio, better porosity and increased hydrocarbon saturation. The company refined its gross resource estimate of the Zama wells to 670-810-970 million barrels of oil equivalent (P90-P50-P10). "Our focus now turns to selecting the optimal development for the field, ahead of taking a final investment decision next year," said Tony Durrant, CEO. At 9:44am: (LON:PMO) Premier Oil PLC share price was +1.75p at 79.99p Story provided by StockMarketWire.com

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