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Tullow Oil: failure of exploration well in Peru

( - The Tullow Oil share is down on Monday, having fallen by up to 5% in London at one point, after the oil company announced that the Marina-1 exploration well, drilled off the Peruvian coast, has not found significant oil.

The Stena Forth drilling ship dug the Marina-1 well to a total depth of 3,022 metres in water depth of 362 metres, the company said, adding that the well in question will be plugged and abandoned.

Marina-1 was operated by Karoon Energy, via its subsidiary KEI (Peru Z‐38) Sucursal del Peru, with a 40% interest, while Tullow Oil and Pitkin Petroleum had respective interests of 35% and 25%.

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