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The company went on to say that its best esti- km and is in waters ranging from 1,300 to 3,000
mate for prospective resources in the new well metres deep. It is believed to hold up to 927mn
was 235mn barrels of crude. GVN-1 is expected barrels of crude oil within its three identified
to have a 34% chance of success, it added. prospects. ™
The new well is located in 1,900-metre-deep
water and will be drilled to a depth of 5,400
metres, Ratio stated. Preliminary results from
GVN-1 should be available in about 70 days, it
said.
This shaft will be the second exploration
well drilled at Block 47. The first, Tanager-1,
was completed last November. It did encounter
hydrocarbon shows in the shaft, but Tullow indi-
cated at the time that it would probably be clas-
sified as a non-commercial discovery unless it
could be linked to another nearby development
initiative.
Ratio appears to be optimistic about this
prospect, as it informed Offshore Engineer that
Tanager-1 had recently been reclassified as a dis-
covery. It further stated that Tullow was due to
publish an updated competent person’s report
(CPR) for the first exploration well drilled at
Block 47 and for its additional prospects at
Kaieteur, a block that lies offshore Guyana, in
mid-February.
Equity in the Block 47 project is split between
Tullow (50%), Argentina’s Pluspetrol (30%) and
Ratio (20%). The licence area spans 2,350 square Three prospects have been identified at Block 47 (Image: Tullow Oil)

BRAZIL
Karoon updates Baúna reserve estimate

AUSTRALIA’S Karoon Energy has issued an barrels and 50.4mn barrels respectively as of
updated report on the assessed reserves and December 31, 2020. These figures reflect a sce-
contingent resources of the block containing nario in which crude oil prices average $55 per
the Baúna oilfield. The block, which is known as barrel and take into account projections of pre-
BM-S-40, lies offshore Brazil in the Santos basin. tax royalties, costs and inflation, Karoon said.
In a statement, Karoon said that the revisions It further stated that the 1C, 2C and 3C con-
affected the competent person’s report (CPR) tingent resources of the block – that is, the pro-
summary completed by its contractor, AGR jected volume of oil that could be extracted from
Petroleum Services Reservoir Management Patola, another well within -BM-S-40 where
Division. AGR completed the CPR last Novem- oil has been found – stood at 12.7mn barrels,
ber, after the Australian company acquired 18.9mn barrels and 28.5mn barrels respectively.
100% of the equity in the block, it noted.
The revised version of the summary indi-
cates that the block’s contingent resources and
assessed reserves have not changed, except as
commensurate with the volumes of oil extracted
therefrom in the second half of 2020. (BM-S-
40 yielded some 2.8mn barrels, equivalent to
15,200 barrels per day (bpd), between July and
December of last year.)
As such, the assessed 1P, 2P and 3P reserves
of Baúna’s existing wells – six development wells,
three water-injection wells and one gas-injec-
tion well, all subsea completions with tie-backs
to a leased floating production, storage and
off-loading (FPSO) vessel known as the Cidade
de Itajaí – stood at 31.9mn barrels, 36.4mn Baúna lies offshore in the Santos basin (Image: Karoon Energy)

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