Tullow Oil abandons Guyanese well due to safety concerns
Shares in Tullow Oil took a tumble on Monday afternoon after the group announced that it has plugged and abandoned a well in Guyana due to safety concerns.
Shares in Tullow Oil took a tumble on Monday afternoon after the group announced that it has plugged and abandoned a well in Guyana due to safety concerns.
The Jaguar-1 well in the Georgetown Block, offshore Guyana in which it has a 30% interest, drilled to a depth of 4,876 metres without reaching the primary Late Cretaceous objective.
"The decision to stop drilling at this point was unanimously agreed by all partners based on safety criteria and was taken after reaching a point in the well where the pressure design limits for safe operations prevented further drilling to the main objective," the company said.
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 high-pressure, high-temperature well was spudded in February. Tullow said that samples of light oil were successfully recovered from two Late Cretaceous turbidite sands above the primary objective.
By 14:50, shares were trading 3.35% lower at 1,385p.
BC
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Investors pull money from UK equities as government warns of “painful” Budget
The government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
By Katie Williams Published
-
Top global fintech companies to invest in
One British fintech hogs the headlines, but there are two top performers in the US. We explain where you should put your money
By David C. Stevenson Published