Tullow Oil has received a deliverable dataset of the recently acquired 2,550 square kilometers of 3D seismic on the company’s Orinduik Block, offshore Guyana, which firmed up previous targets and identified new structures.
Tullow is the operator of the block with a 60% interest and Eco Atlantic Oil & Gas is its partner with the remaining 40% interest.
Eco said on Tuesday that the partners recently received a set of deliverables in relation to the 3D seismic survey including PSTM angle stacks and associated inversion products that better define the geological lithology of the play, provide better imaging of the sands, and allow the interpreters to more closely define target fluids.
Tullow and Eco contracted PGS Geophysical to process the data acquired for the partnership by Western Geophysical. The acquisition was completed in early September 2017.
The companies began the review and interpretation of this data set, which has also been copied and forwarded to Total.
This is in addition to other previously received sets of filtered PreSTM fast track and data sets from Tullow which was also already given to Total for its review, in accordance with its 25 percent farm-in option agreement and to help expedite the farm-out process.
Eco Atlantic provided Total with an option to acquire a 25 percent working interest in the block back in September 2017. The exercise of the option must be made within 120 days of completion of processing of the 3D seismic.
Delivery of the final seismic data report to Total will be done once a final product has been received from PGS.
“The company has been very encouraged to date by the quality of data received and interpretations to date, which have firmed up the previously outlined targets as well as identifying new additional potentially sizeable structures,” Eco said.
According to Eco, the data is also being interpreted in parallel by its consultant Gustavson Associates for producing an independent resource report. The Intermediate Kirchhoff PreSDM from PGS will be completed in the last week of May, which will enable the resource report to be concluded and published.
Colin Kinley, COO of Eco Atlantic, said: “The company has the benefit of a significant 2D data set that ties into areas of the recent Exxon discoveries offshore Guyana which are now estimated to exceed 3.2 billion barrels. This, in turn, is giving us a better understanding of the features that allow those same hydrocarbons to feed up into the channel and fan systems on our block.
“Results to date have led the company to draw initial interpretations of the thickness and quality of sands which appear to be very promising. We are seeing many more interesting features and targets across the Orinduik Block. Given these results and the need for a more expanded and detailed interpretation, we have taken longer than we originally envisaged to complete the processing with good merit.
“The existence of multiple exploration targets on the block will be very significant, not only in the resource numbers, but also in the economics of this shallow water play, in terms of both drilling and potential development for our partnership, and for Guyana. […] we believe this thoroughness with regards to processing and interpretation, should lead to a heightened resource estimate to that based on the historic 2D seismic.”
It is worth reminding that Tullow Oil and partner Eco Atlantic identified leads on the Orinduik block with the potential to contain more than one billion barrels of oil equivalent back in late February 2018. Also, Tullow decided to enter phase two of initial period of the block in January.