Tullow Oil plc TUWOY recently announced its second oil discovery from the Joe-1 exploration well in the Guyana Basin. This discovery follows the company’s large and substantial oil discovery in August at its Jethro-1 exploration well in Guyana.
Stena Forth drillship has drilled the 2,175 metres deep Joe-1 exploration well. Further assessment and sampling proved that Joe-1 has witnessed 14 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of Upper Tertiary period. Being the first oil discovery in Upper Tertiary,
Joe eliminates the risk from the petroleum system in the western Orinduik block.
Joe-1 was drilled by Tullow Guyana B.V., Tullow Oil’s fully owned subsidiary on the Orinduik licence. Tullow Guyana B.V. holds 60% interest in the Orinduik block while TOTAL S.A.’s TOT local unit owns 25%. The remaining stakes are held by Eco (Atlantic) Guyana Inc. With the completion of the exploration, the Stena Forth drill ship will return to Ghana.
Per chief executive Angus McCoss, the Joe-1 discovery and its related opportunities open doors to other possibilities in the Orinduik Block. As a result, the company is highly upbeat about the next stage of the program, which constantly unveils the multi-billion barrel capacity of this acreage.
This London-listed Irish exploring company will now assess data from the Joe-1 and Jethro-1 discoveries and await the results of the Carpa well to determine the ideal spin-off from the exploration and the ensuing appraisal programme.
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Zacks Rank & Key Picks
Tullow Oil carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include BP Midstream Partners BPMP and Dril-Quip, Inc. DRQ, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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