Tullow suffers after plugging Norwegian well repels punters – reports

According to the UK’s London Evening Standard, British-based Tullow Oil will plug and abandon the Wisting Alternative well, offshore Norway in the Barents Sea. The oil and gas exploration and production group had encountered oil shows in the deeper targeted Kobbe and Snadd formation, but the reservoir rock was of poor quality where penetrated. The London Evening Standard reported that investors deserted Tullow for a second session on Tuesday this week as they were not happy with the news that the business was to abandon the Wisting well.

According to the Irish Times, work will continue on evaluating the Wisting Central discovery and understanding the regional geology. Angus McCoss, exploration director with Tullow Oil, said that the Wisting Alternative was a “high risk wildcat well which has provided important information about the regional geology in the Barents Sea”. He also said the Wisting oil field, will prioritised for appraisal in 2014 alongside Tullow’s programme of high impact wells.

News of the dry well comes in the wake of Tullow’s update that its operations in Kenya’s Turkana region have had to close because of striking workers.

 

Read more at:

http://www.irishtimes.com/business/sectors/energy-and-resources/tullow-pulls-plug-on-barents-sea-well-1.1576794

http://www.standard.co.uk/business/markets/tullow-suffers-after-plugging-norwegian-well-repels-punters-8911142.html

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