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Tullow Oil closer to unlocking Orinduik’s ‘multi-billion barrel potential’ as it makes new discovery

Exploration director Angus McCoss said: "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."

Tullow Oil plc - Tullow Oil closer to unlocking Orinduik’s ‘multi-billion barrel potential’ as it makes new discovery
It marks two discoveries in two attempts at Orinduik

Tullow Oil plc (LON:TLW) is moving closer to unlocking the multi-billion barrel potential of its Orinduik exploration project offshore Guyana, where it has now enjoyed back-to-back discoveries.

With the Joe-1 exploration well the company has marked its second Guyana discovery with its second well.

Following on from the Jethro discovery well in August, the latest well has confirmed 14 metres of net oil pay in high-quality oil bearing sandstone reservoirs (‘Upper Tertiary’ age).

READ: Eco Atlantic Oil & Gas makes new discovery with Joe-1 well

Tullow highlighted that the Joe result de-risks a petroleum system which has a significant number of Tertiary and Cretaceous age prospects.

"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,” said Angus McCoss, Tullow exploration director.

“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."

Data from Joe and Jethro will now be evaluated by Tullow and its partners - which include AIM-quoted Eco Atlantic Oil & Gas Plc (LON:ECO) – and in the meantime, the company’s 37.5% owned but non-operated Carapa-1 well will be drilled with a ‘late September’ spud expected.

Carapa-1 is hosted in the adjacent Kanuku block. It will be drilled with the Rowan EXL II jack-up rig. The well is targeting a e Cretaceous oil play and the result will be due in the fourth quarter.

The Stena Forth drillship that drilled Jethro and Joe will depart Guyana, returning to operations offshore Ghana.

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