Tullow shares slip as Ethiopian drill finds gas

Shares in Tullow Oil slipped marginally yesterday on the back of a disappointing update from its operations in Ethiopia.

The Irish-founded exploration firm reported that drilling activity at its Shimela-1 well in the onshore South Omo Block encountered water-bearing reservoirs, but only traces of thermogenic gas.

While the drill wasn’t enough to seriously damage Tullow’s share price — the stock was down by around 1.2% in London — the news wasn’t deemed good by analysts, given that it was a highly-anticipated drill in the Chew Bahir basin.