Ranger-1 well encounters approximately 230 feet of high-quality,
Well is located approximately 60 miles northwest of the Liza
Five previous world class discoveries on the Stabroek Block now
estimated to have total recoverable resources of more than 3.2 billion
barrels of oil equivalent
Additional exploration drilling is planned on the Stabroek Block in
NEW YORK--(BUSINESS WIRE)--Jan. 5, 2018--
Hess Corporation (NYSE:HES) today announced positive results from the
Ranger-1 exploration well, which is the sixth significant oil discovery
on the Stabroek Block, offshore Guyana, since 2015.
The five previous world class discoveries on the block -- Liza, Payara,
Snoek, Liza Deep and Turbot -- are now estimated to have total
recoverable resources of more than 3.2 billion barrels of oil
equivalent. Resources associated with the Ranger-1 discovery will be
accretive to this estimate.
ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began
drilling the Ranger-1 well on Nov. 5, 2017 and encountered approximately
230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir.
The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973
feet (2,735 meters) of water.
“The Ranger oil discovery demonstrates that the petroleum system is
working in a new geologic play in the Guyana Basin more than 60 miles
northwest of Liza, and reaffirms the extraordinary exploration potential
of the Stabroek Block,” CEO John Hess said. “We believe the investment
opportunity in Guyana offers industry-leading financial returns and will
create significant value for our shareholders for many years to come.”
Following completion of the Ranger-1 well, the Stena Carron drillship
will move to the Pacora prospect, 4 miles from the Payara discovery.
Additional exploration drilling is planned on the Stabroek Block for
2018, including potential appraisal drilling at the Ranger discovery.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso
Exploration and Production Guyana Limited is operator and holds a 45
percent interest in the Stabroek Block. Hess Guyana Exploration Ltd.
holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited
holds a 25 percent interest.
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Hess Corporation is a leading global independent energy company engaged
in the exploration and production of crude oil and natural gas. More
information on Hess Corporation is available at http://www.hess.com.
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that these projections
will be achieved, and actual results could differ materially from those
projected as a result of certain risk factors. A discussion of these
risk factors is included in the company’s periodic reports filed with
the Securities and Exchange Commission.
We use certain terms in this release relating to resources other than
proved reserves, such as unproved reserves or resources. Investors are
urged to consider closely the disclosure relating to proved reserves in
Hess’ Form 10-K, File No. 1-1204, available from Hess Corporation, 1185
Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary
and on our website at www.hess.com
You can also obtain this form from the SEC on the EDGAR system.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180105005427/en/
Source: Hess Corporation
Jay Wilson, 212-536-8940