Tullow announce plans to abandon Ethiopian well

City AM reported that Tullow Oil’s share price fell over three percent this week after the oil company announced it was planning to plug and abandon a dry well in Ethiopia. Tullow said that it would analyse the results of both the abandoned well, Tultule-1, and a neighbouring one in the South Omo block in an effort to determine the future exploration plan of the area. Tullow is the operator of the Tultule-1 well with a 50 per cent interest, along with partners Africa Oil and Marathon.

A financial analyst at Canaccord Genuity said, “This is a disappointing well result from the point of view that it hasn’t proved beyond doubt the commercial viability of the Omo basin; however, this is only the second well of the programme in this basin.”

Read the original at: http://www.cityam.com/article/1386638596/tullow-shares-slide-dry-ethiopian-well

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