Tullow Oil, Partners Strike Oil at Second Well Offshore Guyana

   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 [e-mail]; @OliGGriffin

(END) Dow Jones Newswires

September 16, 2019 02:35 ET (06:35 GMT)

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