Orinduik block offshore Guyana gets resource upgrade

Gustavson Associates LLC has completed its second competent persons report on the Orinduik block offshore Guyana.

Offshore staff

TORONTO– Gustavson Associates LLC has completed its second competent persons report on the Orinduik block offshore Guyana.

According to block partner Eco (Atlantic) Oil & Gas, the updated CPR estimates an increase in gross unrisked prospective resources P50 (Best) to 3,981.9 MMboe from 15 identified leads across the block.

Tullow Oil is the operator with 60% interest, along with partners Total (25%) and Eco (Atlantic) Oil & Gas (15%).

The partners have contracted the drillshipStena Forthto drill their first exploration well on the Jethro-Lobe prospect in June.

Colin Kinley, COO of Eco Atlantic, said: “As the regional play continues to develop, and more discoveries have been made, particularly in the Tertiary play, as was proven byExxon’s Hammerhead-1 discovery, this has allowed us to build upon our model. Our first drill target scheduled for June is Jethro, on which Gustavson has firmed up their estimate to contain 214.5 MMboe (P50) at 43.2% chance of success.

“The partners are in the process of approving a second well and we believe the risking will be in the same range as for Jethro. We hope to confirm drilling plans for well number two in the near future to take advantage of the economics of our rig on the block.

“We are very happy with the interpretation of theHammerhead-1 discovery up on to Orinduik. Although the volumes are conservative, it has an extremely low risk for drilling (81% chance of success) and has confirmed the presence of oil on our block. We understand that this discovery will be offset drilled on the Stabroek block in the near future which will help further define our interpretation of our other leads and targets.”

03/18/2019

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