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Premier Oil says discovers oil off the coast of Mexico

Reuters - UK Focus

July 12 (Reuters) - Premier Oil Plc (LSE: PMO.L - news) said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7.

Premier (BSE: 500540.BO - news) , 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 neighbouring block.

The project is jointly owned by Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent. (Reporting by Arathy S Nair in Bengaluru; Editing by Susan Fenton)