Tullow Plc makes discovery of oil in Guyana

By
Morkporkpor Anku, GNA

Accra, Aug. 14, GNA –
Tullow Plc has made oil discovery in its Jethro-1 exploration well, drilled on
the Orinduik licence offshore in Guyana.

The well is expected
to hold 100 million barrels of oil in excess of expectations.

Tullow Guyana B.V.
is the operator of the Orinduik block with a 60 per cent stake. Total E&P
Guyana B.V.  holds 25 per cent with the
remaining 15 per cent being held by Eco(Atlantic) Guyana Inc.

Mr Kweku Andoh
Awotwi, the Executive Vice President, Tullow Ghana, said the initial discovery
suggested that it was in commercial quantities.

Mr Awotwi was
speaking to journalists on the sidelines of the Tullow Ghana Media Capacity
Building Programme on Essentials of Upstream Oil and Gas Industry in Accra.

The two-day training
is designed to equip participants with fundamental knowledge of the oil and gas
sector.

It is also to
provide an in-depth understanding into technologies, coverage and operations,
particularly in Ghana of the sector.

The event was
facilitated in collaboration with the Aberdeen Drilling School and the RigWorld
Training Centre.

He said the
discovery in the South American country meant that there are opportunities for
people in the Tullow organisation.

“At one hand it is
good for Tullow PLC and at the other hand it is good for staff of Tullow Ghana,
currently half of the people on the rig are Ghanaians,” he said.

The Executive Vice
President said more wells needed to be drilled to see what was in there.

A statement issued
by the Company said the Jethro-1 was drilled by the Stena Forth drillship to a
Total Depth of 4,400m metres in approximately 1,350 metres of water.

It said an
evaluation of logging data confirmed that Jethro-1 was the first discovery on
the Orinduik licence and comprises high quality oil bearing sandstone
reservoirs of Lower Tertiary age.

The well encountered
55m of net oil pay which supports a recoverable oil resource estimate which
exceeds Tullow’s pre-drill forecast.

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

This 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.

GNA

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