OIL DISCOVERY ON STABROEK, GUYANA

January 13, 2017

Hess Corporation announced positive results from the Payara-1 well offshore Guyana, which is the second oil discovery on the Stabroek Block following the world-class Liza oil discovery in 2015. The Stabroek Block is located approximately 120 miles northeast of Georgetown, Guyana.
The Payara-1 well, located approximately 16 kilometers northwest of the Liza discovery, was drilled by Esso Exploration and Production Guyana, and encountered more than 29 meters of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to a depth of 18,080 feet (5,512 meters) in 6,660 feet (2,030 meters) of water. Drilling on Payara began on Nov. 12 with initial total depth reached on Dec. 2. Two sidetracks were subsequently drilled, and a production test is planned to further evaluate the discovery. Appraisal drilling is planned beginning later this year to determine the full resource potential of the Payara discovery. Upon completion of operations on the Payara-1 well, the Stena Carron drillship will move to the Snoek exploration prospect, which is located approximately 6 miles (10 kilometers) south of the Liza-1 discovery well. (Source: Hess)