According to a statement from ExxonMobil the oil was discovered in one of the two wells it dug. The Liza-1 well encountered more than 295 feet of high-quality oil-bearing sandstone.
The well was “spud” on March 5, 2015 and the well data will be analyzed in the coming months to better determine the full resource potential.
“The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 square kilometers),” the statement noted.
In the statement, Stephen M. Greenlee, President of ExxonMobil Exploration Company says “I am encouraged by the results of the first well on the Stabroek Block…over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”