The Orinduik is officially considered to be one of the top five exploration blocks around the world says Chief Executive Officer (CEO) of Eco Atlantic, Gil Holzman. He said that everyone understands now that it is a world-class play since the Joe-1 well has opened the Upper Tertiary play in shallow waters offshore Guyana.
Holzman said that he knows for a fact that ExxonMobil and CGX Energy Inc. are now looking at their Upper Tertiary possibilities due to the Orinduik find. He said specifically, “I know for a fact that Exxon and CGX are looking at Upper Tertiary…because it is so shallow it makes it (exploration, development, and production) much more economical.”
Further to this, the official said that there is another Upper Tertiary target apart from Joe on the block called Jimmy. He said that Jimmy is basically Joe’s best friend.
Holzman said, “They sit right next to each other and they look like they can act together but the discovery unlocked other targets that are not even in the last Competent Persons Report that we did so we have to update our CPR.”
The ECO CEO said that his team is already working on the CPR and it is expected to be released to the market in two months.
In addition to this, Holzman noted that the block has roughly 4B recoverable resource with two billion in cretaceous targets and two billion split between Upper and Lower Tertiary targets. He noted that the Joe-1 and Jethro-1 discoveries have already de-risked the Upper and Lower Tertiary play. “So we already have two billion reserves subject for drilling next year,” the CEO stated.
Holzman disclosed too that next year, the partners being Tullow Oil and Total will be going after four drill targets with one being close to Jethro.