Exxon Mobil Reports Oil Discovery Off Guyana

Exxon Mobil Corp. (XOM) on Friday said it made another positive oil discovery off the coast of Guyana.

The Ranger-1 well, located about 60 miles northwest of the Liza phase one project, encountered about 230 feet of high-quality, oil-bearing reservoir, providing a new play concept for the 6.6-million acre Stabroek Block, Exxon said.

This find is Exxon's sixth oil discovery off Guyana's coast since 2015. Exxon's Esso Exploration & Production Guyana Ltd. affiliate began drilling the Ranger-1 well Nov. 5, 2017.

Esso Exploration operates the Stabroek Block and holds a 45% interest. Hess Corp.'s (HES) Hess Guyana Exploration Ltd. holds a 30% interest, while CNOOC Nexen Petroleum Guyana Ltd. holds the other 25%.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 05, 2018 10:18 ET (15:18 GMT)