Tullow Oil announces Jethro-1 oil discovery

Tullow Oil announced the results of its Jethro-1 exploration well, drilled on the Orinduik license offshore Guyana by its wholly owned subsidiary Tullow Guyana B.V.

The Jethro-1 was drilled by the Stena Forth drillship to a total depth of 4,400 m in approximately 1,350 m of water. Evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik license and comprises high-quality, oil-bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55 m of net oil pay, which supports a recoverable oil resource estimate that exceeds Tullow’s pre-drill forecast. Tullow will evaluate the data from the Jethro discovery and determine appropriate appraisal activity.

This discovery significantly de-risks other Tertiary age prospects on the Orinduik license, including the shallower Upper Tertiary Joe prospect, which will commence drilling later this month following the conclusion of operations at the Jethro-1 well. The non-operated Carapa 1 well will be drilled later this year on the adjacent Kanuku license to test the deepwater Cretaceous oil play.

Tullow Guyana B.V. is the operator of the Orinduik block with a 60% stake. Total E&P Guyana B.V. holds 25% with the remaining 15% being held by Eco (Atlantic) Guyana.

“This substantial and high-value oil discovery in Guyana is an outcome of the significant technical and commercial focus which has underpinned the reset of our exploration portfolio,” Paul McDade, Chief Executive Officer, said. “It is an excellent start to our drilling campaign in the highly prolific Guyana oil province. We look forward to drilling both the Joe and Carapa prospects in our 2019 drilling campaign and the material follow-up exploration potential in both the Orinduik and Kanuku licenses.”