Tallow Oil Plc (LON:TWL) have announced the latest well in their Mauritania exploration campaign has proved no hydrocarbons.
The Tapendar-1 exploration well located in licence C-10 offshore Mauritania, West Africa was the second of Tullow’s disappointments in Mauritania after the first exploratory well, the Frégate-1 found high quality hydrocarbons, however in sands that were water bearing and not at a quantity felt to be commercially viable. Tullow’s shares have fallen to the bottom the FTSE 100 in early trading on the news.
The Tapendar-1 is now to be plugged and abandoned by the drill ship the Stena DrillMax, before ending its current contract and leaving Mauritania, whilst the data from the latest two wells is to be analysed along with the seismic data previously acquired from across Tullow’s Mauritania licenses.
Tullow have commented that they have a strong position in Mauritania with a variety of prospects apart from Tapendar-1 and Frégate-1 that have shown positive results.
The C-10 licence liability is shared Tullow’s partners Premier Oil plc (6.23%), Kufpec (11.12%), Petronas (13.5%) and SMHPM (10%) with holding the majority 59.10%.
“The Tapendar-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow’s highly prospective offshore Mauritania acreage which the Group has built up in pursuit of the next Jubilee-type discovery,” said Angus McCoss, Exploration Director, Tullow Oil Plc. “At this well location, two targets of Miocene and Upper Cretaceous age failed to encounter hydrocarbons. Following these opening wells, we and our partners will now pause to analyse the data gathered from the exploration campaign thus far. We will then decide on the location and timings of the next wells which will continue to focus on exploring for conventional oil plays.”
Last updated on 06:07AM - 03/06/14