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Premier Oil jumps as much as 38% on Mexican well success

Published 07/12/2017, 09:13 AM
© Reuters.  Premier Oil jumps as much as 38% on Mexican well success
  • Premier Oil (OTCPK:PMOIF, OTCPK:PMOIY) is up as much as 38% in London trading on news it discovered oil offshore Mexico at its Zama-1 exploration well.
  • Premier, which holds a 25% interest in the block, says estimates for the Zama-1 well were in excess of 1B barrels, which could extend into a neighboring block; it is also the first offshore exploration well drilled by the private sector in Mexico
  • The Zama discovery “is the most important achievement so far of Mexico’s energy reform... one of the 15 largest shallow water fields discovered globally in the past 20 years," says Pablo Medina, Latin American upstream analyst at Wood Mackenzie.
  • Now read: PPL Corporation (NYSE:PPL) In The Garden Portfolio


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