Tullow Oil: Drilling Offshore Guyana Reveals Oil Beyond Original Forecasts

   By Carlo Martuscelli

Tullow Oil PLC (TLW.LN) said Monday that drilling at the Orinduik license offshore Guyana had revealed oil reserves that exceeded original expectations.

The company said its Jethro-1 exploration well had encountered 55 meters of net oil pay--allowing for a estimate of recoverable oil resource beyond pre-drill forecasts. A pay is a section of a reservoir that contains economically viable recoverable oil or gas.

Data from the drilling will be evaluated to determine appropriate appraisal activity, it said.

The discovery helps de-risk other prospects on the license, including the shallower Upper Tertiary Joe prospect which is scheduled for drilling later on in August, the energy company said.

Tullow, through its fully-owned subsidiary Tullow Guyana BV, is the block operator and holds a 60% stake in the license. Total E&P Guyana BV owns a 25% interest, with the remaining 15% being held by Eco(Atlantic) Guyana Inc, a subsidiary of Eco Atlantic Oil & Gas Ltd. (EOG.V).

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

August 12, 2019 02:36 ET (06:36 GMT)

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