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Re: indebt2 post# 1922

Tuesday, 07/25/2017 11:56:39 AM

Tuesday, July 25, 2017 11:56:39 AM

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$XOM Exxon finds more oil with Payara-2 well off Guyana

Exxon Mobil (XOM +1%) says it found additional oil at its Payara-2 appraisal well off Guyana, increasing the total volume of the Payara discovery to ~500M boe.

XOM says the ~19K ft. well, which encountered 59 ft. of high-quality oil-bearing sandstone, also allows it to increase the estimated gross recoverable resource for the 6.6M-acre Stabroek Block to 2.25B-2.75B boe.

XOM says Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments.

Hess (HES +3.6%) holds a 30% interest and Cnooc's (CEO +0.6%) Nexen owns a 25% stake in Stabroek.
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