Tullow Oil announced this morning that the Goliathberg-Voltzberg North (GVN) exploration well, drilled in Block 47, offshore Suriname, encountered good quality reservoir but only had minor oil shows.
The oil explorer said that the Stena Forth drillship drilled the Goliathberg-Voltzberg North well to a total depth of 5,060 meters in 1,856 meters of water. It said that the well will now be plugged and abandoned in light of the results. Following this, Tullow and its partners will move to assess the data gathered from the well and carefully consider their next steps.
Tullow is the operator of Block 47 with a 50% stake. Petroandina Resources Corporation N.V. (Pluspetrol) holds 30% with Ratio Suriname Limited holding the remaining 20%.
Block 47 covers an area of approximately 2,350 sq km at water depths ranging between 1,300 and 3,000 meters. According to Ratio Petroleum, GVN-1 was estimated to contain resources of 235 million barrels of oil with a 34% geological chance of success.