Tullow Oil: Drilling Offshore Guyana Reveals Oil Beyond Original Forecasts
August 12 2019 - 2:51AM
Dow Jones News
By Carlo Martuscelli
Tullow Oil PLC (TLW.LN) said Monday that drilling at the
Orinduik license offshore Guyana had revealed oil reserves that
exceeded original expectations.
The company said its Jethro-1 exploration well had encountered
55 meters of net oil pay--allowing for a estimate of recoverable
oil resource beyond pre-drill forecasts. A pay is a section of a
reservoir that contains economically viable recoverable oil or
gas.
Data from the drilling will be evaluated to determine
appropriate appraisal activity, it said.
The discovery helps de-risk other prospects on the license,
including the shallower Upper Tertiary Joe prospect which is
scheduled for drilling later on in August, the energy company
said.
Tullow, through its fully-owned subsidiary Tullow Guyana BV, is
the block operator and holds a 60% stake in the license. Total
E&P Guyana BV owns a 25% interest, with the remaining 15% being
held by Eco(Atlantic) Guyana Inc, a subsidiary of Eco Atlantic Oil
& Gas Ltd. (EOG.V).
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
August 12, 2019 02:36 ET (06:36 GMT)
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