After announcing a new 1bn barrel discovery, it would be understandable if there’s less fanfare around Premier Oil PLC’s (LON:PMO) trading update on Thursday.
It announced a new “world class” oil discovery offshore Mexico, with the Zama-1 exploration well unearthing an estimated 1bn barrel find. The well hit a gross oil bearing interval spanning 335 metres, with up to 200 metres of net oil bearing reservoir. Light oil has so far been recovered to surface.
"We are delighted to be announcing this significant new oil discovery offshore Mexico,” chief executive Tony Durrant said on Wednesday.
“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.”
After refinancing distracted investors, with the deal now done, Premier will no doubt relish the spotlight being on assets and operations. Thursday’s update will likely centre on the ramp-up of production now as the Catcher field comes online.
In May, Premier flagged a strong operational performance. The oiler said production averaged 82,600 barrels oil equivalent per day (boepd) in the first four months of 2017.
It revealed it is sticking to its full-year guidance for 75,000 bopd and noted that it will update its outlook once the summer’s maintenance period is complete.
Thursday’s agenda
Final results: Dart Group Plc (LON:DTG), Adept Telecom Plc (LON:ADT)
Trading statements: Premier Oil Plc (LON:PMO), Babcock International Group Plc (LON:BAB), ASOS plc (LON:ASC)
AGMs: RedT Energy Plc (LON:RED), Land Securities Group Plc (LON:LAND), Babcock International Plc (LON:BAB), Atalaya Mining Plc (LON:ATYM)