Tullow Spuds Well Offshore Suriname

Operator Tullow Oil (OTCMKTS: TUWOY) has commenced the Goliathberg Rothberg North-1 (GVN-1) exploration well in Block 47 offshore Suriname with the Stena Forth drillship, Ratio Petroleum (TLV: RTPT.L) reported Monday.

Ratio, which holds a 20-percent stake in Block 47, noted that Tullow will drill GVN-1 at a water depth of 6,234 feet (1,900 meters) to a total depth of 17,717 feet (5,400 meters). Tullow and Pluspetrol hold 50-percent and 30-percent interests, respectively, in the 907-square-mile (2,350-square-kilometer) block.

Citing the best estimate of a Netherland, Sewell & Associates, Inc. (NSAI) report, Ratio stated that GVN-1 holds an estimated 235 million barrels of oil with a 34-percent geological chance of success. It added that NSAI has estimated that GVN-1 and two other Block 47 prospects contain 927 million barrels of oil.

Ratio noted that it anticipates preliminary drilling results within 70 days. The company also stated that GVN-1 marks its second exploration well in the Guyana-Suriname Basin, following the Tanager-1 discovery offshore Guyana. An updated competent person’s report for Tanager, along with additional prospects in the Kaieteur Block, will likely be published in mid-February, Ratio added.

Stena Drilling reported last September that it had won the drilling contract for GVN-1. Ramps Logistics is handling logistics and shorebase operations for Tullow across Trinidad and Suriname.

To contact the author, email mveazey@rigzone.com.