Fifteen stories high and over 20 km wide, full of oil. That is the description given by Gil Holzman, Chief Executive Officer and Co-founder of Eco (Atlantic) Oil and Gas – junior partner in the 1800 km2 Orinduik Block offshore Guyana – where the first discovery outside the prolific Stabroek Block was announced just days ago.
On Monday, operator at the Orinduik Block, Tullow Oil announced that evaluation of logging data confirms that Jethro-1 comprises high-quality oil-bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55 metres of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast.
“I think this is only the beginning, we can see what Exxon did on the Stabroek Block, they started with one discovery; the Liza field, 900 million barrels, and today they have over six billion barrels. Once you understand the play, it becomes easier and clearer to the professional and technical teams… to pinpoint where the oil has accumulated and target it,” said Holzman.
Appearing on a podcast produced by UK-based Proactive Investors on Tuesday, Holzman described the magnitude of the discovery which has exceeded pre-drill estimates.
“181 feet of net pay; that means that you have a 15-story building worth of sand full of oil, which potentially stretches over 20 square kilometers. That’s a lot of oil…the quality of it, and the porosity of it, and the fact that the entire sandstone is soaked with oil and bringing out the samples was so easy gives us a lot of confidence that next year with a simple appraisal we can actually consider this Jethro-lobe alone as a stand-alone field…” Holzman explained.
To give even further context, Holzman went on to compare the size of the find to ExxonMobil’s nearby Hammerhead field at Stabroek.
“Hammerhead, as reported, had two very successful appraisal wells recently, one of them was actually drilled right on the fence next to us, and Hammerhead is 60 meters net pay, Jethro is 55 meters…we see the same size body and they act, very much the same,” he said.
Additionally, the CEO explained that the discovery has increased the company’s overall confidence in their operations in Guyana.
“We have a very big [amount of] confidence now in the block and in the teams that have managed to come up with the first discovery on the first attempt and I think the future just looks really, really bright,” Holzman stated.
Tullow Guyana B.V. is the operator of the Orinduik block with a 60% stake. Total E&P Guyana B.V. holds 25% while Eco (Atlantic) Oil and Gas holds 15%.