Africa Oil announces second oil discovery offshore Guyana
Africa Oil is pleased to announce a second large oil discovery on the Orinduik block in the Joe-1 exploration well resulting in the opening of a new Upper Tertiary oil play in the Guyana basin.
The Joe-1 exploration well was drilled by the Stena Forth drillship to a total depth of 2,175 metres in water depth of 780 metres. Evaluation of MWD, wireline logging and sampling data confirm 16 metres of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age.
Joe-1 is the first oil discovery to be made in the Upper Tertiary and de-risks the petroleum system of the western area of the Orinduik block, where a significant number of Tertiary and Cretaceous age prospects have been identified. Additional thinner sands above and below the main pay at Joe-1 are being evaluated for possible incremental pay.
The partners will now conduct a detailed evaluation of the Jethro, Joe and Hammerhead extension oil reservoirs on the Orinduik block.
Partners on the Orinduik Block comprise Tullow Guyana B.V. ("Tullow", Operator, 60% Working Interest ("WI"), Total EP Guyana BV ("Total", 25% WI) and Eco (Atlantic) Oil & Gas Ltd. ("Eco, 15% WI). Africa Oil holds an approximately 18.8% equity interest in Eco.
Keith Hill, President and CEO of Africa Oil commented, "We're two for two on the Orinduik Block offshore Guyana which shows the enormous potential of this block. The Joe well opens up a new shallow Tertiary play which, combined with the 90% plus success rate in the lower Tertiary and Cretaceous plays in our block and the adjacent Stabroek Block, gives us great confidence that the multiple remaining prospects in our block will enjoy similar high success rates."
