Guyana’s Orinduik Approves Second Well
The partners on the Orinduik Block offshore Guyana have approved a second well location and its drilling budget, Eco Atlantic announced March 29.
Drilling on the ‘Joe’ prospect is subject to a customary Guyana Department of Energy review. The partners, which alongside Eco with its 15% includes Ireland’s Tallow Oil (60%) and French Total (25%), expect to spud the first well on the block, ‘Jethro’ in June.
Eco expects to spend £3mn ($3.9mn) initial drilling of the second well which sits at a depth of 650 metres. Work on ‘Joe’ is set to start in mid-July.
Eco said March 18 that an assessment of the 1,800 km2 Orinduik Block had increased the best estimates of gross prospective resources to 3.98bn barrels of oil equivalent (boe) from a previous 2.913bn boe.
"The approval, at this stage, of a second well is a clear indication of the Partners' risking of Orinduik. All of the partners support a two well drilling campaign targeting close to 370mn barrels of gross prospective resources (P50 Best) at 43.2% risking, which is well above industry averages anywhere in the world,” said Eco COO Colin Kinley. “Both the Upper Tertiary age, Joe and Lower Tertiary age, Jethro are excellent targets and have been selected jointly between our geoscientific teams.”