6th Apr 2016 08:06
LONDON (Alliance News) - Mid-cap oil and gas firm Tullow Oil PLC on Wednesday said it has received successful results from drilling the Wisting exploratory appraisal well in offshore Norway.
Tullow said the well encountered an oil column of 22 metres in a 1,402 metres horizontal section with 1,250 metres of net light oil pay.
The main reservoir in the well was thicker than originally anticipated, Tullow said.
Tullow expects the results from the well to provide an increase to in-place volumes in the Central South and Central West segments of the Wisting project, improving overall certainty over reserves at the site.
Tullow has a 20% interest in the PL537 licence in which the Wisting complex sits.
Tullow shares were up 2.8% to 196.13 pence Wednesday morning, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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