Tullow Oil share price: Company fails to strike oil onshore Ethiopia

Tullow Oil announced in a statement today that its Gardim-1 exploration well, drilled on the eastern flank of the Chew Bahir Basin in the South Omo licence onshore Ethiopia, had failed to encounter commercial oil. The company noted that the well would now be plugged and abandoned.

“We have now drilled two independent wildcat wells in the Chew Bahir Basin, neither of which encountered commercial oil,” Tullow Oil’s exploration director Angus McCoss said in the statement. Today’s results come after in May the company’s Shimela-1 well in the South Omo block encountered water bearing reservoirs.

McCoss added in today’s statement,

Earlier this month, Tullow Oil unveiled upbeat drilling results offshore Norway, reporting that a wildcat well in the Barents Sea had encountered a 20-25 metre oil bearing sandstone with good reservoir properties in the Stø Formation.