This story is developing and will be updated.

Exxon Mobil Corporation announced today positive results from its Ranger-1 exploration well, making it ExxonMobil’s sixth oil discovery offshore Guyana since 2015.

The release today said that the Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.

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.

“This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This discovery proves a new play concept for the 6.6 million acre Stabroek Block, and adds further value to our growing Guyana portfolio.”

Location of the Stabroek Block, offshore Guyana (Source: ExxonMobil)

Following completion of the Ranger-1 well, the release said that 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 site.

On January 1st , Stabroek News had reported that ExxonMobil’s oil future looked even brighter here as the  Ranger 1 Well showed promise to be better than Liza and the other four wells that have unearthed commercial oil discoveries  thus far.

“Ranger 1 has carbonate play meaning it has a carbonate reservoir  feature and from preliminary interpretation of that exploration it has so far showed positive porosity for oil and gas…so yes the prelims are indeed better than at the other wells,” one source told Stabroek News.

However, the source was quick to point out that “it is too early to determine a lot of things” and that “much more testing and evaluation” needs to be done before confirmation on approximate oil and gas bearing capacity.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.