ExxonMobil holds 35% of the rights in the Kaieteur block and is the operator of the block.
Ratio Guyana holds 25% of the petroleum rights in the Block.
Cataleya holds 25% of the petroleum rights in the Block.
Hess holds 15% of the petroleum rights in the Block.
The Kaieteur Block covers an area of approximately 13,500 sq km at water depths ranging between 2,800 and 3,800 meters.
During 2017, a 3D seismic survey was conducted covering an area of 5,750 km².
In February 2019, ExxonMobil announced to Ratio Guyana that as part of the interpretation process of the seismic survey data and in accordance with the terms of the agreement, ExxonMobil decided to carry out exploratory well in the Kaieteur block, in a prospect located in the southern part of the block. ExxonMobil decision was made after a number of leads (in several stages of maturity) were identified in the block.
The Kaieteur Block is adjacent the Stabroek Block, where the Liza discovery was made by ExxonMobil in 2015. Liza was the first oil discovery in Guyana and 16 additional discoveries have since been made in the block area. To date, the total proven reserves in the block amount to more than 8 billion barrels of oil.
In May 2019 Ratio Guyana announced to ExxonMobil that she is going to hold her possession in the block (25%) and finance her share in the upcoming exploration drilling.
August 2020 - Ratio Guyana announced the arrival of the Stena Carron drillship to the Tanager prospect and the beginning of the operations which is expected to take about 3 months.
During the fourth quarter of 2020 Ratio Guyana reported the initial results of the Tanager-1 well, the first exploration well in the Kaieteur block.
Initial analyses of the results confirmed a discovery of 16 meters high-quality sandstone reservoir of Maastrichtian age in the first targeted layer, this is based on the analysis of an Independent appraiser (NSAI) and in accordance with the rules and regulations of the Petroleum Resources Management System (SPE-PRMS).
ExxonMobil, the operator of the block, is expected to continue to analyze and evaluate the vast amount of datasets that were collected during the drilling operations, in order to have a better understanding of the reservoir that was discovered, and to determine the next prospect to be drilled, as part of the ongoing exploration campaign in the Kaieteur block.
The well, which was drilled in waterdepth of approximately 2,900 meters, reached a total depth of 7,633 meters and all the targeted layers were penetrated. The results of the well will provide a very significant amount of geological data that may impart information on the prospectivity of the entire block and will directly impact the selection of the next prospect that is expected to be drilled.