21st Jul 2014 07:00
LONDON (Alliance News) - Tullow Oil PLC Monday said its Lupus exploration well at the production licence PL 507 in the Norwegian North Sea has failed to find hydrocarbons and will now be plugged and abandoned.
The FTSE 100 oil and gas exploration company said the well, which is located 35 kilometres from Statoil ASA's major Oseberg Sør Field, had a primary target of finding hydrocarbons in the Aleocene Hermod Formation in a stratigraphic trap and a secondary target of reservoir quality sandstones in the Paleocene Ty Formation.
The company said the well was drilled to a total depth of 2,357 metres and found good quality sandstones in the Paleocene Hermod Formation, but no hydrocarbons were encountered, while no sandstones were found in the Paleocene Ty Formation.
Tullow said the well will now be plugged and abandoned and well data gained will be used to study geological and geophysical uncertainties and reduce risks in its future exploration wells.
Tullow Oil Norge AS is the operator of production licence PL 507 with 60% equity. The other partners are Explora Petroleum AS with a 20% interest Ithaca Energy Inc with a 10% interest and North Energy SA with a 10% interest.
The news comes a fortnight after Tullow's 15%-owned Butch South West exploration well 8/10-6S, also in the Norwegian North Sea, drilled to its target depth, finding a good quality reservoir but without any hydrocarbons.
By Tom McIvor; [email protected]; @TomMcIvor1
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