REG - Tullow Oil PLC Tullow Oil PLC - FP Tullow Oil PLC - NP - Jethro-1 oil discovery

Tullow OilAnnouncement

12/08/2019 07:05

RNS Number : 6416I
Tullow Oil PLC
12 August 2019
 


News Release

 



THIS PRESS RELEASE CONTAINS INSIDE INFORMATION
 
Jethro-1 oil discovery
12 August 2019 - Tullow Oil plc (Tullow) announces the results of its Jethro-1 exploration well, drilled on the Orinduik licence 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 4,400m metres in approximately 1,350 metres of water. Evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow's pre-drill forecast. Tullow will now evaluate the data from the Jethro discovery and determine appropriate appraisal activity.
 
This discovery significantly de-risks other Tertiary age prospects on the Orinduik licence, 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 licence to test the 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 Inc.
 
Paul McDade, Chief Executive Officer, commented today:
"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. 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 licences."
 
Tullow will host a conference call at 9:00am UK time today to talk about the result with accompanying slides that will be available to download from our website www.tullowoil.com/reports. See call details below.
 
FOR FURTHER INFORMATION CONTACT:
 



Tullow Oil plc
(London)
 (+44 20 3249 9000)
Julia Ross
Nicola Rogers
George Cazenove 


Murray Consultants
(Dublin)
 (+353 1 498 0300)
Pat Walsh
Joe Heron


Conference call details:
Conference ID: 4766305
From the UK: 0800 3767922
Outside of the UK: +44 (0) 2071 928000
 



 
Notes to Editors              
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in 80 exploration and production licences across 15 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc                                           YouTube: www.youtube.com/TullowOilplc 
Facebook: www.facebook.com/TullowOilplc                                                 LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com 
 
 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCDXGDIBGBBGCB