A competent persons report (CPR) on Tullow Oil’s Orinduik block offshore Guyana has identified 2,9 billion barrels of oil equivalent of P50 (best estimate) reserves.
Eco Atlantic, Tullow’s partner in the Orinduik block, said on Tuesday that the first-ever CPR on the Orinduik block was prepared by Gustavson Associates LLC.
The company added that the 2,9 billion boe were identified across a total of ten leads.
According to the report, three of the targets have an estimated probability of success calculated at 22.4%. Eco added that it was still working on de-risking the play and, together with Tullow, is looking to drill the first well in early Q3 2019.
Eco Atlantic holds a 40% working interest in the block while the operator Tullow Oil holds the remaining 60%.
It is worth mentioning that Total has an option to acquire a 25% interest from Eco subject to payment of an additional $12.5 million to the company.
Eco also said that the 3D seismic survey shot on the block in September 2017 was being finalized and that the final data was expected to be sent to Total this month. The French oil major will have up to 120 days following receipt of the data to exercise the option.
Colin Kinley, co-founder and COO of Eco Atlantic, said: “Today’s CPR confirms the high prospectivity of our Orinduik Block. We are delighted by the identification of at least ten exploration leads with close to 3 billion barrels of recoverable oil potential, confirmed by Gustavson.
“We are very pleased with the current interpretation work that has been completed at Tullow, Gustavson and within Eco and have a great deal of confidence in our joint efforts to date. The additional discoveries on Exxon’s Stabroek Block, including the most recent Hammerhead-1 that is on our 3D survey, enables us to see the formations ramp up onto Orinduik. These have greatly helped us to further understand the play.
“Ten key leads have been identified on Orinduik to date. The partners will carefully consider in the coming months the prioritization of the leads for drilling as we continue work on the drilling engineering and the environmental permitting.
“We have identified the potential for close to 2.5 billion barrels of recoverable oil and 2.45 trillion cubic feet (tcf) of associated gas. These are very meaningful numbers for all the partners and most importantly the people of Guyana.”