16th Sep 2016 07:09
LONDON (Alliance News) - Tullow Oil PLC on Friday said test work on the Cara prospect in the Norwegian North Sea is thought to have discovered between 25 to 70 million barrels of oil equivalent.
Tullow said the well encountered a gas column of 51 metres and an oil column of 60 metres, drilled to a total depth of 2,702 metres.
"Extensive data acquisition was undertaken including wireline logging and three successful core runs and a successful production test. The partners will now evaluate the possibility of linking this discovery to existing infrastructure at the nearby Gjoa field," said Tullow.
ENGIE E&P Norge AS is the operator of licence 636 that contains Cara with a 30% stake. The other partners are Tullow Oil Norge AS with a 20% stake, Idemitsu Petroleum Norge with 30% and Wellesley Petroleum AS with the remaining 20%.
Tullow shares were up 0.2% to 217.74 pence per share early Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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