June 27, 2019 / 8:41 AM / a year ago

UPDATE 1-Premier Oil raises resource estimate for Zama field

(Adds analyst comments, CEO comments)

June 27 (Reuters) - Britain’s Premier Oil Plc on Thursday “significantly” increased its resource estimate for the Zama field offshore Mexico, a month after it raised its total production guidance for 2019.

Premier Oil shares were trading 2.2% higher at 80.12 pence at 0820 GMT.

The company’s output has been buoyed in the past year by its flagship Catcher field in the British North Sea, where it expects to approve an expansion project later this quarter.

Following the conclusion of Premier’s appraisal campaign, the company’s focus would now turn to selecting the optimal development for the Zama field, Chief Executive Officer Tony Durrant said.

BMO Capital Markets said in a note that Premier’s revised volume guidance came ahead of their estimates and ‘suspect’ it was significantly ahead of the market estimates.

“This brings Premier’s appraisal programme to a successful close and will likely start conversations around the potential monetisation of the discovery,” BMO added.

Premier Oil revised its gross resource estimate of the Zama field wells to 670-810-970 million barrels of oil equivalent.

Reporting by Noor Zainab Hussain and Samantha Machado in Bengaluru; Editing by Rashmi Aich

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