Tullow strikes oil in Orinduik Block Anticipates over 100 million barrels
One of the United Kingdom’s leading exploration and production companies, Tullow Oil, has finally struck black gold in the Orinduik Block. In fact, Tullow’s Chief Executive, Paul McDade noted the discovery was made at the Jethro-1 well which could hold more than 100 million barrels of recoverable oil. According to a Reuters news article, Tullow is also smiling from ear to ear as its share price jumped by 20 percent yesterday following the discovery. The other two partners on the Orinduik Block, being Eco Atlantic and Total, are ecstatic about the find too. Eco Atlantic in its release to the media noted that the Jethro1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 metres) in approximately 1,350 metres of water. The company said that evaluation of logging data confirms that the Jethro1 comprises high quality oil bearing sandstone reservoir of Lower Tertiary age.
The company said that it encountered 180.5 feet (55 metres) of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs which supports recoverable oil resources. It noted that the well has been cased, and is now awaiting further evaluation to determine the appropriate appraisal activity. Gil Holzman, CEO and CoFounder of Eco Atlantic, was keen to note that he is thrilled about the exciting discovery, describing same as a revolutionary moment for Eco. Holzman said, “It has been a long path of hard work for our team, and with this announcement, we feel our first rewards have justified our journey. We have been very confident in the prospects of the Orinduik since we first decided to make a licence application in February 2014, based on a strong recommendation from our team at Kinley Exploration.” Holzman further stated that he always believed that Eco would create exceptional stakeholder value for its shareholders and the people of Guyana alike. The CEO added, “This is a transformational event for the company, and we now need to strategically plan for an even brighter future. With multiple targets to consider, and Joe as the next prospect to be drilled, we will now pursue our evaluation of the timing for wells to develop the Jethro field and to expediently bring it on production. We are funded for at least six additional wells.”
In sharing his thoughts on the momentous occasion, Eco’s Chief Operating Officer (COO) and CoFounder, Colin Kinley, was quick to note that the Jethro-1 well confirms the continuance of the petroleum system onto the Orinduik Block, an up dip from the prolific discoveries on the Exxonoperated Stabroek Block. (Kaieteur News)