By Ian Walker

Tullow Oil PLC (TLW.LN) said Thursday that preliminary estimates indicate that the Carapa-1 exploration well on the Kanuku license offshore Guyana has encountered four meters of net oil pay, which is below pre-drill forecasts.

The oil-and-gas company said the well was drilled to a depth of 3,290 meters in 68 meters of water and will now be plugged and abandoned. A pay is a section of a reservoir that contains economically viable recoverable oil or gas.

Tullow has a 37.5% stake in the well while Repsol Exploracion Guyana, SA is the operator of the Kanuku block with a 37.5% stake. Total E&P Guyana BV holds the remaining 25%.

"We will now integrate the results of the three exploration wells drilled in these adjacent licenses into our Guyana and Suriname geological and geophysical models before deciding the future work program, Chief Operating Officer Mark MacFarlane said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 02, 2020 02:34 ET (07:34 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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