ExxonMobil yesterday confirmed a hydrocarbon discovery from the Tanager, its first well in the Kaieteur Block, offshore Guyana, but said it does not appear to be economic on a standalone basis even as it pledged to press on with exploration activities in the area.
“Tanager-1, the first well in the Kaieteur Block offshore Guyana, encountered hydrocarbons but based on initial analysis it does not appear to be economic on a standalone basis. We will evaluate the data we have gained through additional tests and analysis and will continue exploration activities across our acreage offshore Guyana, including in the high risk frontier areas such as the Kaieteur and Canje blocks,” Exxon-Mobil’s Government and Public Relations Advisor Janelle Persaud said yesterday.
Her comments followed Westmount Energy’s announcement yesterday that its partner in the Block, Ratio Petroleum Energy, reported Tanager-1 as an oil discovery albeit non-commercial as a standalone development.