Oil giant Tullow has revealed disappointing results from the Teak-4A appraisal well in the West Cape Three Points Block, offshore Ghana.
In a short statement, the group said that Teak-4A, in which it is a 26.396% parter, was drilled by operator Kosmos Energy and was drilled to a total depth of 2,850m to target the stratigraphic extension of the Teak discovery area.
The well was said to have encountered "thin, non-commercial reservoirs" and is, in turn, being plugged and abandoned.
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
"Kosmos and partners have begun integrating well results into the Teak field model to determine forward appraisal and development plans."
Kosmos and Anadarko Petroleum Corp both own a 30.875% interest each in the West Cape Three Points Block, while Tullow, Sabre Oil & Gas and Ghana National Petroleum Corp own the rest.
BC
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
