Tullow hails 'excellent' start to drilling campaign in Guyana
Irish exploration company Tullow Oil has made an "excellent" start to its drilling campaign in Guyana, a country on South America’s North Atlantic coast.
In a statement today the Dublin-listed group the evaluation of logging data from its Jethro-1 well, on the Orinduik licence, comprises of "high quality" oil bearing sandstone reservoirs.
The well encountered 55 metres of net oil pay, which it said supports a recoverable oil resource estimate that exceeds its pre-drill forecast.
Tullow will now evaluate the data from the Jethro discovery and determine appropriate appraisal activity.
Paul McDade, CEO of Tullow Oil, said: "This substantial and high value oil discovery in Guyana is an outcome of the significant technical and commercial focus which has underpinned the reset of our exploration portfolio."
"It is an excellent start to our drilling campaign in the highly prolific Guyana oil province. We look forward to drilling both the Joe and Carapa prospects in our 2019 drilling campaign and the material follow-up exploration potential in both the Orinduik and Kanuku licences."
Tullow Guyana is the operator of the Orinduik block, with a 60pc stake.
Total E&P Guyana holds 25pc, with the remaining 15pc being held by Eco(Atlantic) Guyana.
Tullow said the discovery "significantly de-risks" other Tertiary age prospects on the Orinduik licence, including the shallower Upper Tertiary Joe prospect, which will commence drilling later this month following the conclusion of operations at the Jethro-1 well.
The non-operated Carapa 1 well will be drilled later this year on the adjacent Kanuku licence to test the Cretaceous oil play, the group added.