The development stages:Exploration drilling/2017-04.CE-M-717, also known as block 717, is located in the Ceará basin, in the Mundaú sub-basin, off the Brazilian coast. The offshore project was awarded in 2013, in the 11th oil and gas bidding round, to London-based company Premier Oil, operator of the block, and Spain's Compañía Española de Petróleos (Cepsa). Each holds a 50% stake in the project. Works at the block include the acquisition of 300 square kilometers of 3D seismic data in order to identify exploration targets and facilitate the drilling of two wells, which is likely to happen in 2017, according to Premier. In the Mundaú sub-basin 58% of the exploratory wells have at least presented hydrocarbon shows. The block is located south of the Pecem discovery.