Ensco wins offshore drilling contract in the Ceará Basin and starts off great prospects for the region

Premier Oil hired Ensco to drill the Berimbau / Maraca assets in block 717 in the Ceará basin

Premier Oil has contracted Ensco's Valaris DS-9 drillship to drill the stacked Berimbau/Maraca prospects in block 717 in the Ceará basin, on the extreme offshore Brazil The well, due to spud in Q3, will target a potential 300 MMbbl (Premier operator, 50%).

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CE-M-717 Blocks (50% stake); Block CE-M-661 (30% interest in the operation) The Ceará Basin is a cretaceous rift basin with rocks of origin prone to large amounts of oil, with parity

Illustration of the prospect that Ensco will drill for Premier Oil

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Acquisition History

Multi-client 3D seismic on Premier's two blocks in the Ceará basin was received in 2016 and 4.000 km2 of final high-bandwidth seismic data processing was received in April 2017.

Premier was actively engaging with platform contractors with units available in the country for a joint program of wells between blocks 717 and 661.

In block 717, Premier plans to drill a well in 2020 targeting the Berimbau and Maraca assets.

In Block 616, the joint venture aims to achieve alignment on the final well location to test the Itarema and Tatajuba assets shortly, with drilling expected in 2021. The two wells will test over 500 mmbbls of combined gross prospective resources.