According to Ratio Petroleum (
The company went on to say that its best estimate for prospective resources in the new well was 235mn barrels of crude. GVN-1 is expected to have a 34% chance of success, it added.
The new well is located in 1,900-metre-deep water and will be drilled to a depth of 5,400 metres, Ratio stated. Preliminary results from GVN-1 should be available in about 70 days, it said.
This shaft will be the second exploration well drilled at Block 47. The first, Tanager-1, was completed last November. It did encounter hydrocarbon shows, but Tullow indicated at the time that it would probably be classified as a non-commercial discovery unless it could be linked to another nearby development initiative.
Ratio appears to be optimistic about this prospect, as it informed Offshore Engineer that Tanager-1 had recently been reclassified as a discovery. It further stated that Tullow was due to publish an updated competent person’s report (CPR) for the first exploration well drilled at Block 47 and for its additional prospects at Kaieteur, a block that lies offshore
Equity in the Block 47 project is split between Tullow (50%), Argentina’s
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