21st Feb 2014 08:24
LONDON (Alliance News) - Tullow Oil PLC Friday said the 7222/11-2 well on the Langlitinden prospect in Norway, in which the British company has a 15% stake, will be plugged and abandoned after the operator of the well failed to find commercial levels of oil or gas.
Operator and 20% owner of the site, Det Norske Oljeselskap ASA, said it drilled down to 2,878 metres below sea level and found oil in the main triassic formation reservoir at the site. However, after extensive data sampling, including cores, wireline logs and fluid sampling, the quality was deemed to be poor and unlikely to justify further field development.
The other partners on the site are Lundin Petroleum PLC, which holds 20%, Rocksource ASA, which holds 5%, Petoro AS, which holds 30%, and Atlantic Petroleum P/F with a 10% interest.
The news comes just two months after Tullow also had to plug and abandon an exploration well it had drilled in the 551 licence on the Mantra prospect offshore Norway. It had discovered reservoir quality sands at the site, but said all the intervals were water wet.
Tullow holds an 80% working interest in the 551 production licence and is partnered by Det Norske with a 20% interest.
Tullow Oil shares were up 0.1% to 780.62 pence in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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