Tullow Oil abandons deeper Kenyan well
Tullow Oil said attempts to find more gas at its Mbawa-1 exploration well in Kenya had met with failure.
Tullow Oil said attempts to find more gas at its Mbawa-1 exploration well in Kenya had met with failure.
The FTSE 100 explorer previously announced drilling at the offshore well had encountered 52 metres of net gas pay in the primary target.
However, an attempt to find deeper pockets of hydrocarbons had come to nothing after drilling reached a total depth of 3151 metres.
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 company said operator Apache was running wireline logs - making records of the geological formations encountered during drilling - after which the well would be plugged and abandoned.
"Although the deeper targets at this location were unsuccessful these results will be vital in evaluating the still significant prospectivity of this block," said Tullow's Exploration Director, Angus McCoss.
The firm's shares were trading down around 1% following the announcement.
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.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Why wealthy whisky enthusiasts are leaving Britain
Collectables Wealthy whisky enthusiasts are heading to tax-friendly countries such as Dubai, where there is more disposable income to spend on collectable luxuries like rare whisky.
-
Zoopla: Property tax speculation creates uncertainty for a third of home buyers
Property tax rumours could impact homes valued at over £500,000, potentially triggering a housing market slowdown, Zoopla has warned