Sunday, June 26, 2022

Date for elective nomination of second well at Kaieteur Block extended

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The date for elective nomination, by ExxonMobil, of the prospect target for the second well on the Kaieteur Block has been extended to October 2, 2023, according to Ratio Petroleum Energy Limited a 25% stakeholder in the block.

With reference to the update from Ratio, Westmount Energy noted in a release on Monday that the Kaieteur Block partners agreed to this extension to facilitate continuing geological and geophysical analysis by Exxon, operator of the block, and integration of recent and ongoing deep play drilling program results on adjacent blocks into the Kaieteur prospect nomination decision. All costs will be carried by the operator during this extension period.

The first well drilled on the Kaieteur block, Tanager-1, evaluated a number of plays – encountering 16 metres of net oil pay (20oAPI oil) in high-quality sandstone reservoirs of Maastrichtian age and confirming the extension of the Cretaceous petroleum system and the Liza play fairway outboard from the prolific discoveries on the neighbouring Exxon operated Stabroek Block. The well was reported as an oil discovery which is currently considered to be non-commercial as a standalone development.

Tanager-1 also encountered high quality reservoirs in deeper Santonian and Turonian plays though interpretation of the reservoir fluids in these intervals was reported to be equivocal and require further analysis.

A post-well Netherland, Sewell & Associates Inc. published CPR indicates that the Tanager-1 Maastrichtian discovery contains a ‘Best Estimate’ Unrisked Gross (2C) Contingent Oil Resource of 65.3 MMBBLs (Low to High Estimates 17.7 MMBBLs to 131 MMBBLs) – with a ‘Best Estimate’ Unrisked Net (2C) Contingent Oil Resource attributable to the Kaieteur Block of 42.7 MMBBLs (Low to High Estimates 11.3 MMBBLs to 86 MMBBLs).

Subsequent to the Tanager-1 discovery Hess Corporation increased its working interest in the Kaieteur Block from 15% to 20% by acquiring a 5% WI from Cataleya Energy Limited.

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