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Ratio Patrol Yahsh
+ 2.61%
Base:134.3
opening:138
Tall:138.4
low:136.9
change:554,800
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Reports on the start of work on the 1-GVN exploration drilling in Suriname. In the geological structure (the prospect) that will be drilled an estimated potential of 235 million barrels of oil with a 34% chance of success. Preliminary results from the drilling are expected to be received within about 70 days.
The prospectus is located in block 47 in Suriname’s economic waters, and the drilling will be carried out by the block’s operator, Tolo. The entire block covers an area of about 2,350 square kilometers and was estimated by the NSAI at about 927 million barrels of oil in 3 different prospects, including 1-GVN.
Berzio Petroleum notes that since the beginning of 2020, five oil discoveries have been announced in Suriname, and in the last five years exploration drilling in the Guyana Suriname Basin has discovered over 10 billion barrels of oil, and therefore in an optimistic partnership regarding the current drilling results.
The partnership recently raised about $ 22.6 million through the exercise of a series of options (92%). The amount will be used to finance the drilling in Suriname, whose total budget is estimated at about $ 60 million and the share of Ratio Petroleum in which it is estimated at about $ 15 million.
He wants 20% of the rights in Block 47, the British Tolo that operates the block holds 50% of the rights, and another partner is the South American Pluspetrol with 30%.
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