Premier has been awarded three blocks in Brazil's 11th Round held in Rio de Janeiro on 14 May. The blocks are located in deep water basins offshore North East Brazil in largely under-explored areas and contain prospects and leads capable of delivering between 250 mmbbls and 1 bn bbls each.

Premier was awarded a 50 per cent operated equity stake in Blocks 717 and 665 in the Ceara basin. The Ceara basin is a Cretaceous rift basin with a proven oil source rock. In Block 717, two plays will be pursued: a potential extension of the Pecem discovery south into the block and a slope channel play which will require additional 3D seismic to mature to drillable status. In Block 665 a large Cretaceous onlap play has been identified. A block-wide 3D seismic survey will be acquired to assess this opportunity in 2014.

Premier was also awarded a 35 per cent non-operated equity stake in Block 90 in the Foz do Amazonas basin. This block provides Premier with access to a high impact Cretaceous exploration play proven across the border in French Guiana. Specifically, stratigraphic traps onlapping a rift basin high will be targeted. The forward plan is to acquire 3D seismic in 2014.

Tags: Premier Oil