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Tullow Finds Oil for the 2nd Time in Orinduik Block, Guyana

Tullow Oil plc TUWOY recently announced its second oil discovery from the Joe-1 exploration well in the Guyana Basin. This discovery follows the company’s large and substantial oil discovery in August at its Jethro-1 exploration well in Guyana.

Stena Forth drillship has drilled the 2,175 metres deep Joe-1 exploration well. Further assessment and sampling proved that Joe-1 has witnessed 14 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of Upper Tertiary period. Being the first oil discovery in Upper Tertiary,

Joe eliminates the risk from the petroleum system in the western Orinduik block.

Joe-1 was drilled by Tullow Guyana B.V., Tullow Oil’s fully owned subsidiary on the Orinduik licence. Tullow Guyana B.V. holds 60% interest in the Orinduik block while TOTAL S.A.’s TOT local unit owns 25%. The remaining stakes are held by Eco (Atlantic) Guyana Inc. With the completion of the exploration, the Stena Forth drill ship will return to Ghana.

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Per chief executive Angus McCoss, the Joe-1 discovery and its related opportunities open doors to other possibilities in the Orinduik Block. As a result, the company is highly upbeat about the next stage of the program, which constantly unveils the multi-billion barrel capacity of this acreage.

This London-listed Irish exploring company will now assess data from the Joe-1 and Jethro-1 discoveries and await the results of the Carpa well to determine the ideal spin-off from the exploration and the ensuing appraisal programme.

Tullow Oil PLC Price

Tullow Oil PLC Price
Tullow Oil PLC Price

Tullow Oil PLC price | Tullow Oil PLC Quote

 

Zacks Rank & Key Picks

Tullow Oil carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include BP Midstream Partners BPMP and Dril-Quip, Inc. DRQ, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

BP Midstream’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.

Dril-Quip earnings beat the Zacks Consensus Estimate in three of the previous four quarters.

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Tullow Oil PLC (TUWOY) : Free Stock Analysis Report
 
Dril-Quip, Inc. (DRQ) : Free Stock Analysis Report
 
TOTAL S.A. (TOT) : Free Stock Analysis Report
 
BP Midstream Partners LP (BPMP) : Free Stock Analysis Report
 
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