Kaieteur Block holds estimate of 2.1 billion oil equivalent resources - First prospect to be drilled this year

Kaieteur Block holds estimate of 2.1 billion oil equivalent resources – First prospect to be drilled this year

Feb 02, 2020 News

The Kaieteur Block which spans 13,500 km2 and holds a gross estimated prospective resource of 2.1 billion barrels for nine prospects will see its first target being drilled in the first quarter of this year.

Map showing the location of the Kaieteur Block offshore Guyana

This was confirmed during the 2019 fourth quarter earnings call for Hess Corporation. Specifically making this known was Hess’ Chief Operating Officer (COO), Greg Hill, who noted that the first well to be drilled is called Tanager.
Back in May 2019, a Competent Person’s Report (CPR) on the Kaieteur Block, was carried out by Netherland, Sewell & Associates Inc. (NSAI) which provided estimates of the unrisked prospective oil resources in nine prospects located on the 5,750 km2 3D seismic survey acquired in the southern part of the Kaieteur Block in 2017.
The NSAI report describes Tanager as a stacked reservoir prospect (Maastrichtian to Turonian reservoir intervals) and assigns a ‘Best Estimate’ Unrisked Gross (100%) Prospective Oil Resource of 256.2 million barrels of oil. It was further noted that the target has a 72 percent chance of being successful.
The Kaieteur Block was awarded in early 2015 to Cateleya Energy Corporation (CEC) (formerly Ratio Energy Limited) and Ratio Guyana Limited, a subsidiary of Ratio Petroleum Energy Limited Partnership headquartered in Israel (Ratio Petroleum).
Subsequent to the Upper Cretaceous play-opening at the Liza-One discovery in May 2015, a farm-in agreement executed with ExxonMobil along with various other arrangements saw the effective date of the Kaieteur Petroleum Agreement being amended to February 2017.
The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Limited, with CEL, Ratio Guyana Limited and a subsidiary of Hess Corporation as partners.