[Guyana] Beebei-Potaro

[escveritas]

Envoi has been engaged by London-listed Tullow Oil Plc, to identify companies interested in earning up to 17.5% of their 37.5% non-operated equity interest in the Kanuku Block, offshore Guyana, by contributing to the forthcoming multi-target Beebei-Potaro exploration well. This multi-target well is expected to spud in May 2022 and will access targets in the Tertiary (Beebei) and in the Cretaceous (Potaro). The Block, which is operated by Repsol (37.5%) with partners Tullow (37.5%) and TOQAP (25%), offers a unique opportunity to participate in a highly prospective but unexplored part of the ‘world’s hot spot’ Guyana-Suriname Basin. Specifically, the central terrace of the Guyana Upper Cretaceous deep-water slope plays and up-dip equivalents of the multibillion bbl Golden Lane Play fairway, which contains some 23 discoveries totalling over 11 billion boe resources, all made since ExxonMobil’s 2015 Liza discovery unlocked this world class play.

Tullow also has a 60% operated interest in the adjacent Orinduik Block, awarded in 2016. During 2017 a large new 3D seismic survey across both licences was acquired, which was instrumental in defining a series of large prospects on the shelf margin slope , across both blocks, immediately updip of the multi-billion bbl deep water Cretaceous play.

The 2019 Carapa-1 exploration well drilled ~20km from the upcoming well encountered light sweet oil in Cretaceous reservoirs and demonstrated the inboard extension of the Liza play. Extensive new G&G work since, including reprocessing of the 3,888 km2 3D seismic, has shown that the sands at Carapa-1 are less well developed due to their location higher up on the deep-water slope than the ponded reservoir ‘sweetspot’ trend targeted by Beebei-Potaro-1, which will be the first proper test of the slope channel complexes identified by the new work.

The Beebei-Potaro prospect is interpreted to be in a prime location where stacked Cretaceous slope turbidites are developed, charged by direct migration pathways out of the proven Cretaceous source kitchen and discoveries in the Stabroek Block, which include the Yellowtail and Pinktail discoveries and, the recent Kawa-1 discovery within the adjacent Corentyne Block.

High Impact multi-target Beebei-Potaro-1 well spudding in May 2022 is estimated capable of containing several hundred million barrels of mean recoverable resource potential and significant upside in Cretaceous ‘Potaro’ target alone. Significant follow-on prospectivity has been interpreted on the reprocessed 3D in the Cretaceous turbidite play systems, stacked on successive ramps immediately up-dip of the proven basin floor play where associated with the prolifically mature ACT source kitchen.