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; Falklands/Malvinas (2012), Brazil (2013), Indonesia (2018, 2019). Mexico (2015, 2018) and US Alaska (2019), as well as building on its core legacy position in the UK North Sea (2016). Premier's position in Mexico was established via the first exploration licence round in 2015 where it was awarded Block 7 on which the Zama discovery was subsequently made in July 2017.