Hess Corporation announced positive results from the Ranger-1 exploration well, which is the sixth significant oil discovery on the Stabroek Block, offshore Guyana, since 2015.

The five previous world class discoveries on the block -- Liza, Payara, Snoek, Liza Deep and Turbot -- are now estimated to have total recoverable resources of more than 3.2 billion barrels of oil equivalent. Resources associated with the Ranger-1 discovery will be accretive to this estimate.

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on Nov. 5, 2017 and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.

“The Ranger oil discovery demonstrates that the petroleum system is working in a new geologic play in the Guyana Basin more than 60 miles northwest of Liza, and reaffirms the extraordinary exploration potential of the Stabroek Block,” CEO John Hess said. “We believe the investment opportunity in Guyana offers industry-leading financial returns and will create significant value for our shareholders for many years to come.”

Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, 4 miles from the Payara discovery. Additional exploration drilling is planned on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.

About Hess

Hess Corporation (NYSE:HES) is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.