Tullow Oil sinks on disappointing drill

Shares in FTSE 250 explorer Tullow Oil (LON:TLW) have fell by 4.02% to 43.42p (as of 14:15 GMT) after the company published an update on its most recent drilling campaign. Management said that no significant hydrocarbons were found in the primary targets of the Marina-1 well. The well will now be plugged and abandoned.

COO Mark MacFarlane commented: “This is the first ever well in the deep-water section of the under-explored Tumbes basin. We will now integrate the important well information with the seismic data that we are currently reprocessing and update our prospect inventory for blocks Z-38 and Z-64. Tullow is building an extensive exploration position in Peru and, while this result is not what we had hoped for, we remain positive about Peru’s wider offshore exploration potential“.