Hess increases stake in Kaieteur Block, offshore Guyana 25 May 2021 (Last Updated May 25th, 2021 15:28)
Hess Corporation has increased its stake in Kaieteur Block, offshore Guyana, to 20%.
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The Tanager-1 well is currently considered to be non-commercial. Credit: Kevin Harris / Unsplash.
Hess Corporation has acquired an additional 5% stake in the Kaieteur Block, offshore Guyana, from Cataleya Energy for an undisclosed sum.
The transaction increased Hess Corporation’s working interest (WI) from 15% to 20% in the Kaieteur Block.
The acquisition follows the oil discovery at the Tanager-1 well, located in Kaieteur Block, in 2020.
Following drilling, the Tanager-1 well encountered 16m of net oil pay (20oAPI oil) in high-quality sandstone reservoirs of the Maastrichtian age.
Westmount Energy welcomes Hess Corp s increased stake in Kaieteur Block We believe this farm-in transaction reflects confidence in the prospective resource potential of the Kaieteur Block and augurs well for the continuing exploration of the area, said Westmount executive chairman Gerard Walsh
Westmount Energy Ltd (LON:WTE) noted that Hess Corporation has increased its interest in the Kaieteur Block, offshore Guyana, to 20% from 15%.
Hess has acquired its additional working interest (WI) from Cataleya Energy.
It follows the drilling of the Tanager-1 well back in November when it made a discovery, deemed as non-commercial on a standalone basis.
London-listed Westmount’s interest in the project is indirect, via shareholdings in minority partners Catelya and Ratio Petroleum (5.3% and 0.04% respectively).
Westmount Energy welcomes Hess Corp s increased stake in Kaieteur Block We believe this farm-in transaction reflects confidence in the prospective resource potential of the Kaieteur Block and augurs well for the continuing exploration of the area, said Westmount executive chairman Gerard Walsh
Westmount Energy Ltd (LON:WTE) noted that Hess Corporation has increased its interest in the Kaieteur Block, offshore Guyana, to 20% from 15%.
Hess has acquired its additional working interest (WI) from Cataleya Energy.
It follows the drilling of the Tanager-1 well back in November when it made a discovery, deemed as non-commercial on a standalone basis.
London-listed Westmount’s interest in the project is indirect, via shareholdings in minority partners Catelya and Ratio Petroleum (5.3% and 0.04% respectively).
Westmount Energy Ltd welcomes Hess Corporation s increased stake in Kaieteur Block proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.