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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