Tullow Oil PLC (LSE:TLW) said it had plugged and abandoned an exploration well offshore Guyana but had better news elsewhere.
Drilling operations at the Beebei-Potaro exploration well have been completed and the FTSE 250-listed company said the well encountered good quality reservoir in the primary and secondary targets but both targets were water bearing.
Tullow said it would integrate the Beebi results into its regional subsurface models and work with its joint venture partners before deciding on next steps.
Analysts at SP Angel said “Tullow’s disappointing run of high impact exploration wells continues, though we feel that investor focus remains on the proposed all-share merger with Capricorn Energy.”
The shares fell 2% to 49.4p.