Bulletwood-1 Well Results and Jabillo-1 Operational Update

Bulletwood-1, the first well in the Canje Block, was safely drilled in 2,846 meters (9,337 ft) of water by the Stena Carron drillship to its planned target depth of 6,690 meters (21,949 ft). Bulletwood-1 has confirmed our seismic interpretation of the geology and shown evidence of non-commercial hydrocarbons.

JHI’s technical team will conduct a detailed analysis integrating the data from the Bulletwood-1 results into its ongoing evaluation of the Canje Block.

John Cullen, CEO of JHI, stated, “We are encouraged by the impact the data collected so far will have on our interpretation of the block’s prospectivity. And look forward to further evaluation of the significant exploration potential on the Canje Block through the drilling of the Jabillo and Sapote prospects.”

The Stena Carron initiated drilling operations at the Jabillo-1 well site on March 14. These operations will take approximately one week, after which the Stena Carron will undergo maintenance. Jabillo-1 will resume drilling in approximately mid-late May, following the drilling of the Koebi-1 well in the neighboring Stabroek Block.

Later this year, the Stena DrillMax will drill the Sapote-1 well in the eastern portion of the Canje Block.

JHI owns a 17.5% interest in the Canje Block, alongside block Operator ExxonMobil (35%), Total (35%), and Mid-Atlantic Oil & Gas, Inc. (12.5%).