Tullow Oil fails to strike it rich at 'wildcat' well
Published 15/07/2014 | 02:30
Anglo-Irish exploration firm Tullow Oil has failed to find commercial oil deposits at a well in Ethiopia, providing further disappointment for investors.
Tullow, headed by chief executive Aidan Heavey, said that its onshore Gardim-1 exploration well, which it drilled in the Chew Bahir Basin, reached a total depth of almost 2,500 metres without encountering commercially-viable oil flows. The company said the well will be abandoned.
Tullow is continuing to examine data from other areas within the licence region and said its next phase of Ethiopian exploration will target those prospects.
Tullow exploration director Angus McCoss said that the latest no-show meant that the company had drilled two independent "wildcat" wells in the Chew Bahir Basin without finding oil.
"Having gained valuable data, including evidence of thermogenic gas, we look forward to the next phase of our exploration campaign in Ethiopia," he said.
In May, Tullow said it had failed to find oil at its Gotama offshore well in Norway. However, earlier this month Tullow said it did find oil at another offshore Norway licence in which it has a 20pc interest.
In April, it abandoned a second well in Mauritania after it didn't discover hydrocarbons there either.
Also in April, it failed to find commercial amounts of oil at two on-shore wells in northern Kenya.