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Shares tumble as UK, Spanish explorers hit water instead of oil-bearing targets in Kanuku block
Kaieteur News – Tullow Oil, a UK explorer from the UK, announced on Friday that its drilling operations at the Beebei-Potaro exploration well in the Kanuku licence, offshore Guyana, have been completed. It disappointedly noted that while the well encountered good quality reservoir in the primary and secondary targets both turned out to be water-bearing.
Map showing the location of the Kanuku Block offshore Guyana
Kaieteur News understands that the Noble Regina Allen rig drilled the Beebei-Potaro well to a total depth of 4325 metres in 71 metres of water. The well has since been plugged and abandoned. Tullow told industry stakeholders that it will integrate the well results into its regional subsurface models and work with its joint venture partners before deciding on next steps.
This newspaper understands that shares of Tullow fell as much 6% to 47.38 pence in early trade, among the biggest losers in London’s Stock Exchange following the news.
Repsol is the operator of the Kanuku licence with a 37.5% working interest. Tullow holds 37.5% with TOQAP, which is a company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%) hold 25%.
A couple of years ago, Repsol had more luck with an exploration well on the Kanuku licence. The Carapa-1 well encountered approximately four meters of net oil pay based on preliminary interpretation and extended the prolific Cretaceous oil play into the group’s Guyana acreage. The Valaris EXL II jack-up rig drilled the Carapa-1 well to a total depth of 3,290 meters in 68 meters of water.
Tullow is an independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 30 exploration and production licences across eight countries. In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.
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