Tullow Oil abandons dry well in North Sea

Tullow Oil, the fourth-largest London-listed energy explorer, yesterday said it will plug and abandon a well in the Norwegian North Sea, after failing to strike oil. Tullow operates the well and owns a 60 per cent stake. “This will not reassure investors following the $415m (£243m) exploration write-off announced by the company in July,” said VSA research.

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