Business News of Thursday, 2 January 2020Source: Tullow Oil PLCTullow PLC announces oil discovery on Carapa-1 exploration well in offshore GuyanaTullow Oil PLCTullow Oil PLC (Tullow) announces that the Carapa-1 exploration well, drilled on the Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play into the Group’s Guyana acreage. Rig site testing has indicated that the oil is 27 degrees API with a sulphur content of less than 1%. The Carapa oil discovery suggests the extension of the Cretaceous oil play from the Stabroek licence southwards into the Kanuku licence. While net pay is lower than pre-drill forecasts, the 27 degree API oil supports the significant potential of the Cretaceous play on both the Kanuku and adjacent Orinduik licences. Tullow Guyana B.V. also holds a 37.5% stake with Total E&P Guyana B.V. holding the remaining 25%.

Source: GhanaWeb January 02, 2020 09:11 UTC