Tullow Oil said it had plugged and abandoned an exploration well in offshore Suriname, after not making a commercial discovery.
"The Araku-1 well was an ambitious wildcat exploration well that was drilled efficiently and at very low cost," the company's exploration director Angus McCoss said.
"While we have not made a commercial discovery, we are encouraged by recovering gas condensate from the well and remain fully committed to exploration in Suriname and Guyana," he said.
The well was drilled in a block where Tullow Oil operates with a 30% interest alongside joint venture partners, Statoil and Noble Energy, the company said.
Analysts said that while the Araku-1 exploration well has proved unsuccessful, the result "ironically" meant no additional capital expenditure demands on Tullow's balance sheet.
"The well was also being closely watched by the market with expectations in our view higher than normal given the recent successes of Exxon across the border in Guyana," analysts in Investec said in a note.