The rollercoaster ride at Tullow Oil continues as the exploration and production group reported a disappointing outcome from Ethiopia.
The company's shares have slipped 1.5p to 788.5p after it said the Gardim-1 exploration well had failed to encounter commercial oil. The well will be plugged and abandoned. Tullow will now target other prospects in the licence area. Exploration director Angus McCoss said:
We have now drilled two independent wildcat wells in the Chew Bahir basin, neither of which encountered commercial oil. Having gained valuable data.... we look forward to the next phase of our exploration campaign in Ethiopia.
Earlier this month Tullow pleased the market with a small Arctic discovery, just a day after unveiling a $415m write-off relating to disappointing results in Mauritania, Norway and, yes, Ethopia.
