Market Reaction: Neutral. While it is still early stage, this is consistent with Premier looking to diversify its portfolio into new plays away from mature basins where the cost is manageable with the Company balance sheet. We recognise that Premier Oil got the only two blocks to be awarded (out of 14) with most of the industry generally offering terms below Mexico's threshold or not bidding at all. However, we note that larger companies are waiting for the more material deep water round and ....