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The Irish explorer Tullow Oil, listed on the London Stock Exchange, announced on Monday that it had made a second discovery of oil off the coast of Guyana, after the well exploration Joe-1 successfully opened a new Upper Tertiary petroleum zone in the Guyana Basin.
This decision follows a "substantial and valuable discovery of oil" by Tullow Oil in its Jethro-1 exploration well in the same region of Guyana in August.
Angus McCoss, Director of Exploration, said: "I am very pleased that we have made successive discoveries in Guyana and that we have successfully opened a new shallower game in the upper third of the Guiana Basin with our second well. The Joe-1 discovery and its surrounding prospects represent another area of ​​significant potential in the Orinduik block and we look forward to the next phase of the program as we continue to unleash the potential for several billion barrels of this area. "
Davy Stockbrokers said the results support "an upbeat assessment of Tullow's exploration package in the Guyana region, and" augur well for the evaluation programs that should follow and the value of the license. "
The Joe-1 exploration well was drilled by the Stena Forth drillship and the evaluation of the logging and sampling data confirmed that Joe-1 had encountered 14 meters of net deposit of oil in high quality tertiary sandstone tanks. Joe is the first oil discovery in the tertiary tertiary, Tullow Oil explained, and minimizes the risks associated with the oil system located west of the Orinduik Block, where a significant number of tertiary and tertiary age prospects Cretaceous were identified.
The explorer said that with its partners, it will now evaluate the Joe-1 discovery data alongside the Jethro-1 discovery data announced in August 2019 and wait for the result of the Carapa well to determine the following optimal exploration and evaluation. program.
Latest News: Tullow makes another oil discovery off Guyana
Dr. Mark Bynoe, director of the Ministry of Energy's Ministry of the Presidency, hailed this second discovery of oil in two different wells operated by Tullow, in less than six weeks.
"The Cooperative Republic of Guyana continues to be encouraged by the prolific rate of discovery in our country. All Guyanese can rest assured that the government will continue to work conscientiously to apply the most effective and profitable marketing strategies in Guyana to transform our economy and implement sustainable development programs that all Guyanese can benefit from " said Dr. Bynoe.
"Guyana's future is bright, but more importantly, the time has come for all Guyanese to focus on how they want to see their oil revenues spent and invested," said Dr. Bynoe.
The well was drilled on the Orinduik permit, off the coast of Guyana, by Tullow's wholly-owned subsidiary, Tullow Guyana B.V. Tullow Guyana B.V. is the operator of the Orinduik block, with a 60% stake. Total E & P Guyana B.V. holds 25%, the remaining 15% being held by Eco (Atlantic) Guyana Incorporated.
Once the operations are complete, the Stena Forth will leave Guyana and return to Ghana.
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