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Hess Announces Sixth Oil Discovery Offshore Guyana

Hess Corp. (HES) 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 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.

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. 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.

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