The second well spudded on the Orinduik Block on August 25 at 14: 45 hrs, being the Joe-1 prospect, is said to hold approximately 148.3M barrels of oil. This is according to the latest Competent Persons report that was done by Gustavson Associates for Eco Atlantic, the firm with a 15 percent interest in the block.
This news site understands that Eco and its other partners remain upbeat about the prospect as it carries a 43.2 percent chance for success, the same percentage that was held for the first discovery that was made at the Jethro-1 well. There are only two other prospects carrying the same possible success rate percentage, they are Jimmy and the Jethro Extension.
The Joe prospect is being drilled using the Stena Forth drillship which was used for the Jethro discovery. Guyana Standard understands that the Joe prospect is a Tertiary feature on the northern part of the Orinduik Block and sits in approximately 700 meters of water.
Colin Kinley, Chief Operating Officer of Eco Atlantic was keen to note recently that the firm is very pleased to have spudded on Sunday, its second exploration well on Orinduik.
Kinley said, “…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. If a further discovery is made, it will further enhance the value of the block with this shallower play.”
The official added, “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…”
The operator for the Orinduik Block is UK multinational Tullow Oil. It holds a 60 percent working interest in the block. Eco’s other partner, French oil major, Total, holds a 25 percent working interest.