Tullow Oil sinks on disappointing drill

By
0 mins. to read
Tullow Oil sinks on disappointing drill
Master Investor Magazine

Master Investor Magazine 59Never miss an issue of Master Investor Magazine – sign-up now for free!

Read the latest Master Investor Magazine

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“.

On 7th July, we will be running a Q&A webinar with the one and only Evil Knievil (Aka Simon Cawkwell). Please share a question for Evil below and we’ll try to answer as many as possible in the live webinar. Sign up for the webinar here.

Are you going to take part in Evil's webinar?


Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *