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Aug 5 (Reuters) – Africa-focused Tullow Oil (TLW.L) said on Friday it would abandon its drilling operations at an exploration well offshore Guyana after results showed the well bore water, sending its shares lower.
The group, which holds 37.5% of the Kanuku block where the Beebei-Potaro exploration well lies, said it would work with its joint venture partners before deciding on its next steps.
Shares of Tullow fell as much 6% to 47.38 pence in early trade, among the biggest losers in London’s FTSE midcap index (.FTMC).
The results mark another disappointment for companies drilling offshore Guyana, Panmure Gordon analysts said, adding that the only block that has shown and delivered anything in the area was the Exxon-operated Stabroek.
London-based Tullow said the well that had been plugged had been drilled to a depth of 4,325 metres and had displayed a “good quality reservoir” in its primary and secondary targets, but was water-bearing.