Tullow forced to quit two oil wells

Tullow Oil has abandoned two wells in two continents after finding no hydrocarbons at either.

The news of the negative drilling results — in Mozambique and French Guiana — hit the Irish- founded exploration company’s stock price; with it falling by over 7% in London, where most of its shares are traded.

While the Cachalote-1 exploration well in Mozambique did show good-quality gas bearing reservoir sandstones, the well is unlikely to be commercial on a standalone basis, as its deeper target didn’t show any indications of hydrocarbons