Tullow Oil, Partners Strike Oil at Second Well Offshore Guyana
September 16 2019 - 02:50AM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) on Monday said that it made its second
discovery offshore Guyana after successful drilling at the Joe-1
exploration well.
The oil-and-gas company said evaluation of logging and sampling
data has confirmed that Joe-1 encountered 14 meters of net oil pay
in high-quality oil-bearing sandstone reservoirs.
The discovery de-risks the petroleum system that Tullow and its
partners are targeting in the west of the Orinduik block.
In August, Tullow said its Jethro-1 exploration well, also
located on the Orinduik block, had encountered 55 meters of net oil
pay. A pay is a section of a reservoir that contains economically
viable recoverable oil or gas.
Tullow is the operator of the Orinduik block via its wholly
owned subsidiary Tullow Guyana B.V. and holds a 60% stake. A
subsidiary of Total S.A. (FP.FR) holds a 25% stake, while the
remaining 15% is held by Eco Atlantic Oil & Gas Ltd.
(EOG.V).
The company said it and its partners will now evaluate data from
the Joe-1 and Jethro-1 discoveries. It also said it will await the
outcome of the Carapa well, which it doesn't operate and where it
holds a 37.5% stake, on the Kanuku license offshore Guyana.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
September 16, 2019 02:35 ET (06:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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