Tullow Oil abandons Ghanian well
Oil giant Tullow has revealed disappointing results from the Teak-4A appraisal well in the West Cape Three Points Block, offshore Ghana.
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.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
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
-
Are money problems driving the mental health crisis? MoneyWeek TalksPodcast Clare Francis, savings and investments director at Barclays, speaks about money and mental health, why you should start investing, and how to build long-term financial resilience.
-
Pensioners ‘running down larger pots’ to avoid inheritance tax as rule change loomsChanges to inheritance tax (IHT) rules for unused pension pots from April 2027 could trigger an ‘exodus of large defined contribution pension pots’, as retirees spend their savings rather than leave their loved ones with an IHT bill.
