Thursday 23 November 2017

Tullow Oil abandons well off Mauritania coast, shares fall

Tullow Oil Chief Executive Aidan Heavey. Photo: Tom Burke
Tullow Oil Chief Executive Aidan Heavey. Photo: Tom Burke
Sarah Stack

Sarah Stack

EXPLORATION firm Tullow Oil has abandoned a well off the coast of Mauritania after it failed to find any oil or gas.

Shares fell by 2.5pc as Tullow announced the Tapendar well off the West African country is being plugged as it did not find hydrocarbons.

It was the second exploration well in Tullow’s Mauritania exploration campaign. The Fregate-1 also failed to get commercial results earlier this year.

“The Tapendar-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow’s highly prospective offshore Mauritania acreage which the Group has built up in pursuit of the next Jubilee-type discovery,” said Tullow’s exploration director Angus McCoss.

“At this well location, two targets of Miocene and Upper Cretaceous age failed to encounter hydrocarbons.

“Following these opening wells, we and our partners will now pause to analyse the data gathered from the exploration campaign thus far.

“We will then decide on the location and timings of the next wells which will continue to focus on exploring for conventional oil plays.”

Tullow’s share price in London fell by 2.5pc this morning to £8.39 (€10.20).

 

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