This news is positive for the recoverable reserves of the field and could tighten the current estimates range of 400-800mmboe upwards.
The rig will now move to drill the Zama-3 well, the last in the 2019 campaign, and should confirm the extent of the field to the south. The drilling programme remains ahead of schedule with the Zama-2ST1 completed 9 days ahead of schedule and 16% below budget.
The Zama field is planned to be developed from a single drill centre with drilling from the platform. Three production platforms are envisaged, each with capacity of up to 100mbopd. Produced oil is planned to be transported via a pipeline to the Dos Bocas terminal located onshore, c.70km away from the field.
The Zama partners are: Talos (35% operator), DEA (40%) and Premier Oil (25%).
Premier Oil also has a non-operated interest in Block 30 which could see Mexico transform into another important leg of its portfolio.
See also Premier success at Zama on the Zama-2 result in January 2019.
Premier Oil Camarco RBC Capital Markets