Tullow, Eco shares nosedive as Guyana discoveries ‘heavy oil’

Shares of Tullow Oil and Eco Atlantic fell sharply Wednesday morning after the two companies announced the two discoveries recently struck offshore Guyana contained heavy oil with high sulfur percentage.

Tullow announced the two discoveries – Jethro 1 and the Joe-1 in its Orinduik block in August and September, respectively.

As previously reported, the Jethro-1 well hit 55 meters of net pay in high-quality sandstone reservoir in the Lower Tertiary and Joe-1 encountered 14 meters of net pay, opening a new play in the Upper Tertiary.

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