29th Oct 2013 09:41
LONDON (Alliance News) - Tullow Oil PLC Tuesday said it has abandoned its Wisting Alternative Well offshore Norway after failing to find a significant oil discovery.
The FTSE100-listed oil and gas exploration and production company said the well reached total depth and encountered oil shows in deep formations, but the reservoir rock was of poor quality when penetrated.
The site was drilled five kilometres north west of its major Wisting Central light oil discovery but following the completion of operations at the site and extensive data studies the well will now be plugged and abandoned.
Tullow Oil shares were down 1.5% to 943.00 pence, putting it in the top five FTSE100 losers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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