Orinduik Partners to Drill 2nd Well Off Guyana
Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.
The well will be drilled with the Stena Forth drill ship in mid-July moving on from the Jethro Lobe well in the same field.
"Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success... Net cost to Eco for its 15 percent working interest in the Joe Well is expected to be approximately $3 million," Eco said.
The Orinduik Block is located next to an Exxon Mobil (XOM) field, which has an estimated 4 billion barrels of oil equivalent. The Exxon discovery put Guyana on the world map of oil resources.
Tullow, the operator of the Orinduik Block has a 60 percent stake, Total has 25 percent and Eco Atlantic Oil and Gas has 15 percent.
(Reporting By Shadia Nasralla; editing by Emelia Sithole-Matarise)