According to UK Investment firm, Westmount Energy, the results of the first well being drilled on the Kaieteur Block, that is to say, the Tanager-1 well, will be revealed before month-end. This was noted in the company’s latest financial statements.
Guyana Standard understands that the Tanager-1 well which was spudded on August 11, 2020, has a target total depth of 8,000 metres and will take an estimated 90 days to drill. It is currently the deepest well drilled in the Guyana-Suriname Basin.
A May 2019 Netherland, Sewell & Associates Inc. (“NSAI”) report on the Kaieteur Block describes the Tanager Prospect as a stacked reservoir prospect and assigns a ‘Best Estimate’ of Unrisked Gross (100%) Prospective Oil Resource of 256.2 million barrels with an aggregate Probability of Geologic Success (POSg) of 72%.
The Kaieteur Block is currently operated by ExxonMobil subsidiary, Esso Production and Exploration Guyana Limited (35%), with Cataleya Energy Corporation (25%), Ratio Guyana Limited (25%) and a subsidiary of Hess Corporation (15%) as partners. Westmount has been increasing its shares in recent times in CEL and other companies which offer investors exposure to the riches that may soon flow from multiple discoveries outside of the Stabroek block.
