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.
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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
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