Tullow Oil PLC (TLW.LN) said Friday that the Araku-1 well in Suriname is being plugged and abandoned because the company didn't make a commercially significant discovery after drilling to a depth of 2,685 meters.
However, the London-based oil company said it had gained important geological insights and that sampling of the well proved the presence of gas condensate.
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"The Araku-1 well was an ambitious wildcat exploration well that was drilled efficiently and at very low cost," Tullow Oil exploration director Angus McCoss said.
"While we have not made a commercial discovery, we are encouraged by recovering gas condensate from the well and remain fully committed to exploration in Suriname and Guyana."
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(END) Dow Jones Newswires
October 27, 2017 02:34 ET (06:34 GMT)