Partners Tullow Oil, Total and Eco Atlantic have chosen the Joe prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday.
Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.
The well will be drilled with the Stena Forth drill ship in mid-July moving on from the Jethro Lobe well in the same field.
"Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success... Net cost to Eco for its 15 percent working interest in the Joe Well is expected to be approximately $3 million," Eco said.
The Orinduik Block is located next to an Exxon Mobil field, which has an estimated 4 billion barrels of oil equivalent. The Exxon discovery put Guyana on the world map of oil resources.
Tullow, the operator of the Orinduik Block has a 60 percent stake, Total has 25 percent and Eco Atlantic Oil and Gas has 15 percent.
(Reporting By Shadia Nasralla; editing by Emelia Sithole-Matarise)