Tullow Oil, Partners Strike Oil at Second Well Offshore Guyana

Date : 09/16/2019 @ 6:50AM
Source : Dow Jones News
Stock : Tullow Oil Plc (TLW)
Quote : 61.54  -6.26 (-9.23%) @ 1:42PM
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Tullow Oil, Partners Strike Oil at Second Well Offshore Guyana

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   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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