TORONTO – Gustavson Associates has completed the first competent persons report on the Orinduik block offshore Guyana.
According to block partner Eco (Atlantic) Oil & Gas, this indicates best estimate P50 resources of 2,913.3 MMboe from 10 leads identified across the block.
Tullow Oil is the operator, while Total has an option to acquire 25% of Eco Atlantic’s 40% stake subject to payment of an additional $12.5 million to the company.
Total should soon receive final data from last September’s 3D seismic survey over the block, and will then have up to 120 days to exercise the back-in option.
Colin Kinley, COO of Eco Atlantic, said: “The additional discoveries on Exxon’s Stabroek block, including the most recentHammerhead-1 that is on our 3D survey, enables us to see the formations ramp up onto Orinduik. These have greatly helped us to further understand the play…
“The partners will carefully consider in the coming months the prioritization of the leads for drilling as we continue work on the drilling engineering and the environmental permitting.
“We have identified the potential for close to 2.5 Bbbl of recoverable oil and 2.45 tcf of associated gas. These are very meaningful numbers for all the partners and most importantly the people of Guyana.”
According to Kinley, three of the targets have an estimated probability of success calculated at 22.4%. The first well is due to be drilled early next summer.