StockMarketWire.com - Tullow Oil said it had discovered oil off the coast of Guyana, potentially at a quantity exceeding its expectations.

The Jethro-1 exploration well, drilled on the Orinduik licence, encountered 55m of net oil pay.

Tullow Oil said the level of net pay 'supported a recoverable oil resource estimate' which exceeded its pre-drill forecast.

The well was drilled by the Stena Forth drillship to a total depth of 4,400 metres in around 1,350 metres of water.

Evaluation of logging data confirmed Jethro-1 as the first discovery on the Orinduik licence, comprising high-quality oil bearing sandstone reservoirs of Lower Tertiary age.

Tullow Oil said the find significantly de-risked other Tertiary age prospects on the Orinduik licence, including the shallower Upper Tertiary Joe prospect, which would commence drilling later this month.

The non-operated Carapa 1 well would be drilled, later this year, on the adjacent Kanuku licence to test the Cretaceous oil play.

'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,' chief executive Paul McDade 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 licences.'



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