(Sharecast News) - Tullow Oil said its Joe-1 exploration well had successfully opened a new Upper Tertiary oil play in the Guyana basin.
The company on Monday said sampling data confirmed that Joe-1 encountered 14 metres of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age.
Tullow and its partners would now evaluate data from the Joe-1 discovery alongside data from the Jethro-1 discovery announced last month and await the outcome of the Carapa well to determine the best follow-on exploration and appraisal programme, the company said in a statement.
Joe-1 was drilled on the Orinduik licence, offshore Guyana by Tullow's wholly owned subsidiary Tullow Guyana B.V.
Tullow Guyana operates the Orinduik block with a 60% stake. Total E&P Guyana holds 25% with the remaining 15% being held by Eco (Atlantic) Guyana Inc.
Tullow Oil (TLW)9 Apr 2024 16:14