The UK‘s Tullow Oil plc yesterday announced that the Carapa-1 exploration well, drilled on the Repsol-operated Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation but that this is below pre-drill estimates.
The below-estimate find caused a steep drop in Tullow’s share price which had also suffered from reports on the type of oil found in the first two wells in the Orinduik Block.
The find is significant in the sense that it is the third offshore block in which oil has been found. The major find has been by Exxon in the Stabroek block.