Tullow Oil announces well disappointment offshore Norway
Lundin Petroleum, Tullow Oil's partner on the Carlsberg prospect in the Norwegian North Sea, said Thursday that it has plugged and abandoned the wildcat well 7/4-3 after no hydrocarbons were encountered.
Lundin Petroleum, Tullow Oil's partner on the Carlsberg prospect in the Norwegian North Sea, said Thursday that it has plugged and abandoned the wildcat well 7/4-3 after no hydrocarbons were encountered.
Tullow Oil has a 40% stake in the well, which was targeting the Upper Triassic and Upper Cretaceous reservoirs of the Carlsberg prospect.
Lundin said: "The primary exploration target of the well was to prove petroleum in Upper Triassic reservoir rocks (the Skagerrak Formation). The Skagerrak Formation sands were not encountered.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The second exploration target of the well was to prove petroleum in the Upper Cretaceous chalk reservoir. The reservoir was found at the predicted depth, but was water bearing with no presence of hydrocarbons."
The well is the first exploration well in PL495 and PL495B, it added.
Following the plugging and abandonment of well 7/4-3, the Maersk Guardian rig will move to the Brynhild field to commence the drilling of the development wells.
The costs of the exploration well 7/4-3 and associated license costs will most likely be expensed during the second quarter of 2013.
Tullow's share price fell 3.08% to 1,040p.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.