A comprehensive follow-up exploration programme will be carried out on the potentially world class oil basin off the coast of French Guiana, Tullow Oil (LON:TLW) revealed today.
Tullow was the operator of the Guyane Maritime Block but is handing that responsibility over to partner Shell (LON:RDSA).
However Tullow was instrumental in establishing the block as an extension of Ghana’s Jubilee field on the other side of the Atlantic following the drilling of the Zaedyus exploration well.
Highly encouraging results from Zaedyus revealed in September were followed up with what Tullow described as “extensive data gathering”.
The well, which has been suspended for future re-entry, was sidetracked in order to cut a core. A liner was also run over the main oil-bearing reservoir.
“Core studies are currently underway and the initial phase will be completed in early-2012,” Tullow said in a statement today.
The partners on the Guyane block, including French giant Total and AIM-listed Wessex Energy (LON:WSX) and Northern Petroleum (LON:NOP), are discussing a comprehensive follow-up exploration and appraisal programme, it added.
This will include 3D seismic acquisition and a drilling programme, scheduled to commence in mid-2012.
Last month Wessex raised £12 million, a good proportion of which will be used to finance this year’s exploration commitment.
Wessex and Northern own a combined 2.5 per cent of this potentially major new oil area.