Company News

Tullow, Eco drill fresh exploration well in Guyana's Orinduik block

LONDON, Aug 27 (Reuters) -

* Eco Atlantic and Tullow started drilling a fresh exploration well in Guyana’s offshore Orinduik block, where they made a discovery with partner Total this month.

* “The well will take approximately three weeks to drill,” Eco said of the Joe-1 well which was spud on Aug. 25.

* “Joe is the second of Eco’s two-well drill programme in Guyana for this year and the company is fully funded for a further six potential exploration, appraisal or development wells on the Orinduik block.”

* The Joe prospect is estimated to contain around 148 million barrels of oil equivalent of gross unrisked prospective oil resources.

* Shares in Eco and Tullow soared on Aug. 12 when Tullow announced results from drilling indication that the Jethro prospect is expected to hold more than 100 million recoverable barrels of oil, in excess of expectations.

* Last month, Qatar Petroleum said it had agreed a deal with Total to buy 40% of Total’s 25% stake in the Orinduik block, and 40 percent of Total’s 25% participating interest in the neighbouring Kanuku. (Reporting by Shadia Nasralla Editing by Edmund Blair)