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
- Tullow Oil plc : Tullow Oil Plugs, Abandons Tultule-1 Well in Ethiopia (4-traders.com)
- Tullow Oil abandons dry well in Ethiopia (independent.ie)
- Africa Oil abandons dry wells in Kenya, Ethiopia (businessdailyafrica.com)