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Talos Energy Mexico Oil Discovery - Impact on Premier Oil PLC Stock?
Posted on 8/10/17 at 4:04 pm
Posted on 8/10/17 at 4:04 pm
Lately there has been a lot of press about the Talos Energy discovery in offshore Mexico. Example Article
quote:
The Zama-1 well, situated in 546 ft of water 37 miles offshore Dos Bocas in the state of Tabasco, has discovered an estimated 1.4 billion to 2 billion bbl of light oil in place, according to published reports. The JV considers it the fifth largest discovery in the world over the last 5 years. Pablo Medina, senior analyst in Latin America Upstream at Wood Mackenzie, said it was “one of the 20 largest shallow-water fields discovered globally in the past 20 years.”
quote:
The well was spudded on 21 May, 2017, using the moored floating drilling rig Ensco 8503. Drilling has reached an initial shallow target depth of 11,000 ft beneath the seabed, with the well encountering a contiguous gross oil-bearing interval of more than 1,100 ft. Initial tests of hydrocarbon samples recovered to the surface contain light oil with API gravities between 28° and 30° and some associated gas.
quote:Talos Energy is a private company, so no stock price to monitor. However, I noticed the following tidbit later in the article:
Talos is setting a liner to protect the discovered reservoirs before drilling deeper objectives to a total vertical depth of 14,000 ft. There are no immediate plans for well testing, but further evaluation will be needed to calibrate the well with the existing reprocessed seismic data to determine future plans and optimal follow-up locations to define the extent of the discovered resource
quote:Premier Oil stock (LSE:PMO) had a nice pop on July 12th but overall is not up very much from historical trends. Why wasn't there more of an impact on the Premier stock price? There will be significant capital costs, but a discovery like Zama seems pretty accretive to long-term value.
Houston-based Talos, the operator, holds a 35% participation interest in the project. JV partners Sierra Oil and Gas, based in Mexico, and Premier Oil, based in the United Kingdom, hold participation interests of 40% and 25%, respectively.
This post was edited on 8/10/17 at 4:08 pm
Posted on 8/10/17 at 4:35 pm to Bayou Tiger
Even though its a big find I want to say the split with PEMEX is something like 80/20, then it has to be split with the other two companies so at the end of the day they will be getting a small slice.
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