22nd Jun 2015 17:26
LONDON (Alliance News) - Tullow Oil PLC late Monday said it did not encounter any hydrocarbons whilst drilling the Zumba exploration well in the Norwegian Sea, which will now be plugged and abandoned.
The FTSE-250 oil company drilled the Zumba well to try to find hydrocarbons in the Upper Jurassic Rogn Formation with a secondary target in the Mid-Jurassic Garn Formation of the Fangst Group.
"The well found no reservoir development in the Rogn Formation and, while the Garn Formation had good reservoir quality, no hydrocarbons were present in either target," said Tullow.
The well was drilled by the Leiv Eiriksson rig in 270 metres of water to a total depth of 2875 metres.
Tullow Oil Norge AS is the operator of the PL 591 license where the Zumba well was drilled with 40% equity. Lime Petroleum Norway AS holds a 25% stake, Rocksource 20%, and North Energy ASA has a 15% interest.
Tullow shares closed up 0.4% to 362.70 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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