$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.