Premier Oil shares leap on Mexican oil discovery

07/12/2017 Reuters

Oil Rig 2 by Flickr user tsuda
Photo by Flickr user tsuda

(Reuters) – Premier Oil has discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7, it said on Wednesday, sending its shares rocketing as much as 38 percent higher.

Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighboring block.

Chief Executive Tony Durrant said the discovery “adds materially” to Premier’s portfolio of assets.

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