16th Jul 2015 06:34
LONDON (Alliance News) - Premier Oil PLC Thursday said it has been awarded two blocks in round one of the licensing round in Mexico through its joint venture.
The FTSE 250-listed oil company said Blocks 2 and 7, which the joint venture has been awarded, contain "numerous leads in established and emerging plays". The blocks are located in the shallow water Sureste Basin in the Gulf of Mexico.
"The forward plan is to acquire, evaluate and reprocess 3D seismic data with a view to firming up drilling locations towards the end of 2016," said Premier.
"We are very pleased with the outcome of this round which provides Premier with a low cost entry point to emerging plays in a proven oil and gas province," added Chief Executive Tony Durrant.
The licences have been secured through the company's joint venture. Its partners are Talos Energy who will act as operator with a 45% stake, Sierra Oil and Gas with a 45% stake and Premier will hold the remaining 10%.
Talos Energy is an independent exploration and production company focused on acquiring assets in and around the Gulf Coast and the Gulf of Mexico regions whilst Sierra Oil and Gas is an independent Latin American energy company established to pursue upstream and midstream opportunities in Mexico.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PMO.L