Tullow Oil PLC Carapa-1 well result (4686Y)
January 02 2020 - 02:00AM
UK Regulatory
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RNS Number : 4686Y
Tullow Oil PLC
02 January 2020
News Release
Carapa-1 well result
2 January 2020 - Tullow Oil plc (Tullow) announces that the
Carapa-1 exploration well, drilled on the Kanuku licence offshore
Guyana, has encountered approximately four metres of net oil pay
based on preliminary interpretation, and has extended the prolific
Cretaceous oil play into the Group's Guyana acreage.
Preliminary results of drilling, wireline logging, pressure
testing and sampling of reservoir fluid indicate the discovery of
oil in Upper Cretaceous age sandstone reservoirs. Rig site testing
has indicated that the oil is 27 degrees API with a sulphur content
of less than 1%. A detailed laboratory analysis of the oil quality
will follow in due course.
The Carapa oil discovery suggests the extension of the
Cretaceous oil play from the Stabroek licence southwards into the
Kanuku licence. While net pay is lower than pre-drill forecasts,
the 27 degree API oil supports the significant potential of the
Cretaceous play on both the Kanuku and adjacent Orinduik
licences.
The Valaris EXL II jack-up rig drilled the Carapa-1 well to a
Total Depth of 3,290 metres in 68 metres of water and the well will
now be plugged and abandoned. Repsol Exploración Guyana, S.A. is
the operator of the Kanuku block with a 37.5% stake. Tullow Guyana
B.V. also holds a 37.5% stake with Total E&P Guyana B.V.
holding the remaining 25%.
Mark MacFarlane, Chief Operating Officer, commented today:
"The Carapa-1 result is an important exploration outcome with
positive implications for both the Kanuku and Orinduik blocks.
While net pay and reservoir development at this location are below
our pre-drill estimates, we are encouraged to find good quality oil
which proves the extension of the prolific Cretaceous play into our
acreage. We will now integrate the results of the three exploration
wells drilled in these adjacent licences into our Guyana and
Suriname geological and geophysical models before deciding the
future work programme."
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc Murray Consultants
(London) (Dublin)
(+44 20 3249 9000) (+353 1 498 0300)
IR: Chris Perry, Nicola Rogers, Pat Walsh
Matt Evans Joe Heron
Media: George Cazenove
Notes to Editors
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and
production group, quoted on the London, Irish and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in 80 exploration
and production licences across 15 countries which are managed as
three business delivery teams: West Africa, East Africa and New
Ventures.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com
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END
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