12th Aug 2019 08:12
(Alliance News) - Tullow Oil PLC announced Monday an oil discovery by the Jethro-1 well, drilled in the Orinduik licence, offshore Guyana.
Shares in the FTSE 250 oil & gas firm opened 14% higher at 204.80 pence on Monday.
The well encountered 55 metres of net oil pay, after the well was drilled to a total depth of 4,400 metres in 1,350 metres of water.
Evaluation of logging data has confirmed that Jethro-1 is the first oil discovery on the licence, comprising high-quality oil bearing sandstone reservoirs, dating from the Lower Tertiary age, Tullow said.
The discovery has de-risked all other tertiary age prospects on the licence, particularly the Upper Tertiary Joe prospect, which will start drilling later in August, the company said.
Looking further ahead, Tullow said the non-operated Carapa well on the adjacent Kanuku licence is expected to be drilled later in 2019, in order to test the Cretaceous oil play.
"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. It is an excellent start to our drilling campaign in the highly prolific Guyana oil province," said Chief Executive Officer Paul McDade.
"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," McDade added.
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