Premier's growth strategy has been much more M&A-led than many of its peers, but it shifted its exploration focus in the second half of the decade of our study period by adding higher-impact opportunities. The company has re-balanced its exploration portfolio away from mature areas to under-explored but proven basins. It has added acreage across its portfolio through both M&A and licensing rounds, before building on its core legacy position in the UK North Sea. Premier established itself in Mexico with the world-class Zama discovery in 2017. This discovery significantly boosts its value creation for the second half of the decade.