By Ed Ballard
LONDON--Tullow Oil PLC (>> Tullow Oil plc) said Tuesday it will plug and abandon a wildcat well offshore Norway in the Barents Sea, as the reservoir rock was of poor quality despite oil shows.
The Wisting Alternative well, five kilometers north-west of the Wisting Central light oil discovery that was announced Sept. 6, was drilled to a depth of 2,452 meters in a water depth of 413 meters by the Leiv Eiriksson semi-submersible rig.
"Wisting Alternative was a high-risk wildcat well which has provided important information about the regional geology in the Barents Sea," said Tullow exploration director Angus McCoss. "The material Wisting Central oil field, discovered in the same license in September this year, will now be prioritized for appraisal in 2014 alongside our significant program of high impact wells that includes the operated Mantra well which is due to spud in November."
The well is located in license PL537 in which Tullow has a 20% interest. The Norwegian unit of OMV AG (OMV.VI) is the operator with a 25% interest, while Idemitsu Petroleum Norge AS, Statoil ASA, and Petoro AS are also partners.
Shares closed Monday at 957 pence, valuing the company at GBP8.71 billion.
Write to Ed Ballard at email@example.com