Tullow Oil's Langlitinden well to be plugged and abandoned

21st Feb 2014 07:38

Oil group Tullow has revealed that a well on its part-owned Langlitinden prospect, offshore Norway, will be plugged and abandoned after drilling results failed to meet expectations.Norwegian group Det norske, the operator and 20% stakeholder of Langlitinden in production licence 659, will shortly finish drilling operations on the 7222/11-2 well. Drilling encountered an oil-bearing channel sand of Triassic age, the main target for the well, and extensive data sampling has been performed.However, while movable hydrocarbons were proved in the main target for the well, mini drill-stem tests found poor reservoir properties."The partnership in production licence 659 will evaluate the results carefully with respect to the remaining prospectivity of the licence. Based on preliminary analysis, Det norske is of the opinion that the volumes proven in this well, as of today, are insufficient to justify a field development."Tullow holds a 15% interest in the licence, shared with other partners Lundin (20%), Rocksource (5%), Petoro (30%) and Atlantic (10%).Despite the news, the stock edged 0.2% higher to 781.5p in early trading on Friday.BC