LONDON (ShareCast) - (Sharecast News) - Tullow Oil said its Carapa-1 exploration well offshore Guyana had discovered oil, although lower than pre-drilling estimates.
The company on Thursday said preliminary results of drilling, wireline logging, pressure testing and sampling of reservoir fluid indicate the discovery of oil in upper cretaceous-age sandstone reservoirs on the Kanuku block.

Chief operating officer Mark MacFarlane said the result was 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," he said.

"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."

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