Tullow Oil (LSE:TLW)
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6 Months : From Jun 2019 to Dec 2019
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 email@example.com; @OliGGriffin
(END) Dow Jones Newswires
September 16, 2019 02:35 ET (06:35 GMT)
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