Tullow confirms second discovery and has announced that the Joe-1 exploration well has successfully opened a new Upper Tertiary oil play in the Guyana basin.
According to a release, the Joe-1 exploration well was drilled by the Stena Forth drillship to a final depth of 7,176 feet (2,175 meters) in approximately 2,546 feet (780 meters) of water.
Evaluation of MWD, wireline logging and sampling of the oil confirms that Joe-1 is the second discovery on the Orinduik license and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. It encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources. Additional thinner sands above and below the main pay are being evaluated for possible incremental pay.
Eco, along with its partners Tullow (Operator) and Total, will now conduct a detailed evaluation of the Jethro, Joe and Hammerhead extension oil reservoirs on the Orinduik Block.
Angus Mccoss, Exploration Director, Tullow, said, “I am very pleased that we have made back-to-back discoveries in Guyana and successfully opened a new, shallower play in the Upper Tertiary age of the Guyana basin with our second well. The Joe-1 discovery and its surrounding prospects represent another area of significant potential in the Orinduik Block and we are greatly looking forward to the next phase of the programme as we continue to unlock the multi-billion barrel potential of this acreage.”
Gil Holzman, CEO and Co-Founder of Eco Atlantic, said "Yet another oil discovery for Eco in Guyana, and we are delighted to have been successful on both of our first two wells. We share this success with the people of Guyana and our great partners at Tullow and Total. With Jethro and Joe as two proven oil discoveries on our block, in two separate horizons, and with multiple drilling targets in front of us, we are in a great place”
He added, “We are well funded and budgeted to drill more prospects, as we continue to develop a world class asset for Guyana and for our shareholders. The Joe-1 discovery, only a month after the Jethro-1 discovery, is very material for us as it has proven that our theory of shallow low-cost plays exists in Guyana, as we are up-dip from the huge Exxon fields at Liza and Turbot areas, with good quality sands and oil that is clearly present on our block. Extrapolating the overall extent of the play, the quality and accuracy of our interpretation and the significant upside as defined in our CPR, we now have a clear path to making further discoveries, and additional shareholders value creation."
According to Reuters, Tullow CEO Paul McDade said the company plans to drill three or more oil exploration wells in Guyana next year.