Press

Eco Atlantic Comments on Exxon's Ninth Major Discovery in Guyana - Hammerhead-1

Posted by OilVoice Press - OilVoice

02-Sep-2018


From Guyana today, on ExxonMobil Corporation ("Exxon")'s Stabroek Block, Exxon and Hess Corporation have announced a new oil discovery of 60 metres (197 feet) of net pay of high-quality, oil-bearing sandstone reservoir in the Hammerhead-1 well.  Exxon's Hammerhead-1 oil discovery is located approximately 7km from Eco's Orinduik licence boundary, where Eco (40%) and Tullow (60%, Operator) are partners (the "Partners"). This well has very positive implications for Eco and Tullow's adjacent acreage.

The Hammerhead-1 was drilled to a Total Depth of 4,225 metres and discovered material quantities of oil in turbidite channel systems. The Orinduik Block partnership has extensively studied 2D Geophysics throughout the area including out onto the Stabroek block and has completed a 2,550 km2 3D Survey last year.  This 3D Survey includes the Hammerhead-1 well location and shows that these channel systems do extend up dip onto the Orinduik license. For the past eight months, the Tullow and Eco teams have been coordinating a detailed interpretation of the 3D seismic data, and this phase of the work is now nearing completion and progressing to target selection. Seeing and understanding the play, and today's Exxon discovery, is a major milestone for the Company.

The Partners agree that the Hammerhead-1 discovery has now materially de-risked one of the many similar channel systems in our Orinduik Block, positively mitigating both reservoir and migration principal risks. The Partners confirm that this area has of today been de-risked, and will shortly be in a position to pick the well location for our first well on this licence. We remain on track for drilling mid 2019.

Colin Kinley, Chief Operating Officer and Director of Eco Atlantic commented:

"We have carefully been analysing the channel systems and fan complexes on our Orinduik block for the past year and each successful well drilled by Exxon next door lowers our risks here. We have been painstakingly careful and meticulous in our processing quality control and with our interpretation and have shared efforts between our team of experts at Eco, Tullow and Gustavson and now with Total as they consider the exercise of their option. We all are confident in our understanding of these systems and this discovery immediately off board of our eastern border confirms our analysis. We see a number of significant resource opportunities on Orinduik and will be releasing a CPR (NI51-101 Compliant) on what we see as system potential in the near term.

"As the Hammerhead - 1 oil discovery is in very close proximity to the Orinduik Block boundary, the Tullow and Eco teams will now continue to carefully review today's findings so as to better understand its technical and commercial implications"

ExxonExxonMobilExxon Mobil CorporationDiscoveryOffshoreStabroek BlockStabroekHammerhead-1Eco Atlantic Oil & GasEco Atlantic

More items from oilvoice


Gazprom and LUKOIL Preparing to Set Up Joint Venture to Develop Vaneyvisskoye and Layavozhskoye Fields

Alexey Miller , Chairman of the Gazprom Management Committee, had a working meeting with Vagit Alekperov, President of LUKOIL. The parties discussed current issues related to bilateral cooperation, including the development project for the Vaneyvisskoye and Layavozhskoye fields in the Nenets Auto ...

OilVoice Press - OilVoice


Posted 1 day agoPress > GazpromLUKOILjoint venture

For One Week in November, the U.S. Was a Net Exporter of Crude Oil and Petroleum Products

Source: U.S. Energy Information Administration, Weekly Petroleum Status Report During the week ending November 30, 2018, the United States exported more crude oil and petroleum products than it imported for the first time in weekly data going back to 1991. From November 24–30, the United S ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > USAUnited StatesExporter +4

Australia: in Line With its Discipline on Capital Allocation, Total Reduces its Stake in Ichthys LNG by 4%

Total has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of 1.6 billion USD. The transaction, which is subject to Australian regulatory approvals, reduces Total's interest in the ass ...

OilVoice Press - OilVoice


Posted 2 days agoPress > TotalDivestmentAustralia +4

NPD: Dry Well and Minor Oil Discovery Southwest of the Vega Field in the North Sea – 35/10-4 S and 35/10-4 A

Equinor Energy AS, operator of production licence 630, has completed the drilling of wildcat wells 35/10-4 S and 35/10-4 A. The wells were drilled about ten kilometres southwest of the Vega field in the northern part of the North Sea. The primary exploration target for well 35/10-4 S was to prov ...

OilVoice Press - OilVoice


Posted 2 days agoPress > NPDNorwegian Petroleum DirectorateNorway +10

EPA Finalizes Renewable Fuel Standard for 2019, Reflecting Cellulosic Biofuel Shortfalls

Source: U.S. Energy Information Administration, based on U.S. Environmental Protection Agency's Renewable Fuel Standard program On November 30, 2018, the U.S. Environmental Protection Agency (EPA) issued a final rule for the 2019 Renewable Fuel Standard (RFS) program , with the total U.S. ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > EPAEIAEnergy Information Administration EIA +2
All posts from oilvoice