Hess Corporation’s Chief Executive Officer (CEO), John Hess, revealed this week that ExxonMobil will be drilling its first well in the Kaieteur Block during the second half of the year. The CEO reminded that his company enjoys a 15 percent working interest in the block while noting that he is encouraged by the block’s geology.
Expounding further, the official noted that the majority of the Stabroek Block’s discoveries have been found in the Campanian and Santonian layers which are some 15,000 feet and 18,000 feet deep respectively. The CEO said, “We see a lot of the sand channels from the Stabroek going into the Kaieteur Block so it is highly prospective…But you have to drill to see what you have.” Because of the technology available to ExxonMobil which operates the Kaieteur Block, the Hess Boss said he is very much encouraged about the possibilities for success that may lie ahead.
This news agency understands that ExxonMobil, along with its other co-venturers, Hess Corporation, Ratio Petroleum and Cataleya Energy Corporation (CEC), are banking on the Tanager-1 well to de-risk the Kaieteur Block and provide shareholders with exposure to a potentially significant capital gain should it be successful.
According to the latest Competent Persons Report (CPR) which this news agency has seen, the Tanager prospect is described as a stacked reservoir and was assigned a best estimate of 256.2 million barrels of prospective resource by the Netherland, Sewell & Associates Inc. (‘NSAI’).
Further to this, NSIA said that the probability of geologic success is pegged at 72 percent.
