Tullow Oil is to plug and abandon the Wisting Alternative well, offshore Norway in the Barents Sea. The Irish oil and gas exploration and production group encountered oil shows in the deeper targeted Kobbe and Snadd formations, but the reservoir rock was of poor quality where penetrated.
Work will continue on evaluating the Wisting Central discovery and understanding the regional geology.
Angus McCoss, exploration director with Tullow Oil, said that the Wisting Alternative was a “high risk wildcat well which has provided important information about the regional geology in the Barents Sea”.
“ The material Wisting Central oil field, discovered in the same licence in September this year, will now be prioritised for appraisal in 2014 alongside our significant programme of high impact wells that includes the operated Mantra well which is due to spud in November,” he added.
In a statement, Davy Stockbrokers said that the announcement should have a “negligible impact” on the group’s share price.
