Tullow Oil drills dry well in North Sea

Tuesday 27 May 2014 10.12
Tullow says well in the North Sea will be plugged and abandoned
Tullow says well in the North Sea will be plugged and abandoned

Tullow Oil has drilled a dry well in the Gotama prospect in the Norwegian sector of the North Sea.

Tullow has an 80% stake in the well while Det norske and VNG each hold 10%.

The company said the well will now be plugged and abandoned.

Last week the company also said that one of its wells in Ethiopia hit water.

The company's stock has lost more than a third of its value since 2013 following a string of disappointing exploration updates.