Tullow Drops Most in Three Months on Dry Wells: London Mover
Tullow slid as much as 8 percent, the biggest intraday drop since April 17. The shares were 7.4 percent lower at 1,032 pence as of 8:50 a.m. for the worst performance on the benchmark FTSE 100 Index. (UKX)
The Cachalote well, where Statoil ASA (STL) and Inpex Corp. (1605) are partners, in the Ibo High area off Mozambique discovered a “gas bearing reservoir” that “is unlikely to be commercial on a standalone basis,” Tullow said today in a statement.
The GM-ES-4 well targeting the Cebus prospect off French Guiana revealed “no indications of hydrocarbons,” Tullow said in the statement. Royal Dutch Shell Plc (RDSA), Total SA (FP) and Northpet Investments Ltd., a company jointly owned by Northern Petroleum Plc (NOP) and Wessex Exploration Plc (WSX), are partners in the well.
Wessex fell as much as 37 percent and Northern Petroleum retreated 8.2 percent in London.
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