LONDON (ShareCast) - (Sharecast News) - Tullow Oil announced the results of its Jethro-1 exploration well on Monday, drilled on the Orinduik licence offshore Guyana by its wholly-owned subsidiary Tullow Guyana.
The FTSE 250 company said Jethro-1 was drilled by the Stena Forth drillship to a total depth of 4,400 metres, in around 1,350 metres of water.

It said its evaluation of logging data confirmed that Jethro-1 was the first discovery on the Orinduik licence, adding that it comprised "high-quality" oil-bearing sandstone reservoirs of Lower Tertiary age.

The well encountered 55 metres of net oil pay, which supported a recoverable oil resource estimate which exceeded Tullow's pre-drill forecast.

Tullow said it would now evaluate the data from the Jethro discovery, and determine appropriate appraisal activity.

The board said the discovery "significantly" de-risked other Tertiary-age prospects on the Orinduik licence, including the shallower Upper Tertiary Joe prospect, which would begin drilling later in the month following the end of operations at the Jethro-1 well.

It said the non-operated Carapa 1 well would be drilled later in the year on the adjacent Kanuku licence, to test the Cretaceous oil play.

Tullow Guyana is the operator of the Orinduik block with a 60% stake, with Total E&P Guyana holding 25% and the remaining 15% being held by Eco Atlantic Guyana.

"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," said Tullow Oil chief executive officer Paul McDade.

"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."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE