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ExxonMobil (XOM) Makes Non-Commercial Oil Discovery at Tanager-1

Zacks Equity Research
·3 min read

Exxon Mobil Corporation XOM recently made another discovery in offshore Guyana but the results are uneconomic in nature, per reports. The company’s oil discovery at the Tanager-1 well is viewed as a non-commercial discovery on a standalone basis.

The Tanager-1 well is located near the Kaieteur Block, offshore Guyana. Southwest of the Kaieteur Block lies the famous Stabroek block, wherein ExxonMobil has made 18 promising world-class oil discoveries. Notably, it estimates gross resources of much more than 9 billion barrels of oil equivalent in the Stabroek Block, wherein ExxonMobil has Hess Corporation HES and China’s CNOOC Limited CEO as partners.

In the Kaieteur Block, operator ExxonMobil has a 35% stake while Cataleya Energy and Ratio Guyana hold 25% interest each. The remaining 15% stake at the block is owned by Hess. Despite making a non-commercial discovery, ExxonMobil intends to keep evaluating the exploration potential at the block. The exploration well drilled at the site is touted to be the deepest one in the Guyana-Suriname Basin till date. Total depth achieved at the well was recorded at 7,633 meters.

ExxonMobil has found 16 meters net oil pay in high-quality sandstone reservoirs at the site from the Maastrichtian age. The preliminary test results indicated the presence of less-valuable heavier crude oil in the well compared with the Liza Phase 1 in the Stabroek Block. The Tanager-1 well is expected to be plugged and abandoned in the future.

Price Performance

ExxonMobil has lost 18% in the past six months compared with 3.4% fall of the industry it belongs to. 

Zacks Rank & Stock to Consider

Currently, ExxonMobil has a Zacks Rank #4 (Sell). A better-ranked player in the energy space is Antero Resources Corporation AR, holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Antero Resources’ bottom line for 2021 is expected to rise 30.5% year over year.

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CNOOC Limited (CEO) : Free Stock Analysis Report
 
Exxon Mobil Corporation (XOM) : Free Stock Analysis Report
 
Hess Corporation (HES) : Free Stock Analysis Report
 
Antero Resources Corporation (AR) : Free Stock Analysis Report
 
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