Eco Atlantic Oil & Gas, the oil and gas exploration company, announced on Tuesday that it had commenced drilling at their second exploration well, the Joe prospect, on the Orinduik block in offshore Guyana.
A Tertiary feature on the northern part of the Orinduik Block, the Joe-1 Well is the second of Eco's two-well drill programme in Guyana for this year.
Joe was spud on Sunday using the Stena Forth drillship, the company told investors -- the drillship had drilled the recently announced Jethro discovery, a major oil discovery on Orinduik Block and a previous well in the programme.
Colin Kinley, Chief Operating Officer and Co-founder, explained the status of the two wells alongside each other, commenting:
“After the discovery made on Jethro in the Lower Tertiary, which greatly de-risked that age section throughout the block, we are now moving to an Upper Tertiary target in the Joe prospect where we are targeting over 100mmboe.”
Eco, alongside its partners, Tullow Guyana B.V. and Total E&P Guyana B.V., have estimated a period of three weeks for the well to be fully drilled.
Mr Kinley went on to say, “If a further discovery is made, it will further enhance the value of the block with this shallower play.
The estimated chance of success for Joe is the same as Jethro, although it is a completely different play, and we are confident in our 3D interpretation as we were ahead of the Jethro-1 discovery.”
Earlier this month, Jethro-1 confirmed a major oil discovery at the Orinduik licence which was labelled a “transformational event” by its CEO, Gil Holzman, with the company soon after setting their sights on Joe-1 as their next drilling prospect.
Mr Kinley added, "We look forward to continued success in our exploration efforts as we move forward to define the plays available to us in all the various geological ages and to develop this block."
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