Tullow's Namibia Well is Dry

Tullow Oil's Cormorant-1 exploration well offshore Namibia found only non-commercial hydrocarbons.

The London-based independent said September 24 that it had drilled the well to a total depth of 3,855 metres at its PEL-37 licence The Cormorant-1 exploration well in Namibia has been drilled to a total depth of 3,855 metres and penetrated the objectives of the Cormorant prospect, finding "wet gas signatures" indicative of oil in shales overlying its sandstone target, but no oil.

Tullow's exploration director Angus McCoss said: "The Cormorant-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow's offshore Namibia acreage. Gas readings while drilling continue to support the concept that there is a working oil system in the area. As a result, following the conclusion of operations, we will analyse the data gathered before deciding on any future activity. While this is not the outcome that we had hoped for, the efficiency of our drilling and our risk management processes resulted in a low financial exposure to this well."

Tullow spent about $5mn on the well, which was drilled by the Ocean Rig Poseidon drillship.  Tullow operates the licence with 35% equity and is partnered by India's ONGC Videsh 30%, Australia's Pancontinental Oil & Gas 30% and Namibia-based investor Paragon 5%. It is now being plugged and abandoned. "Important geological data has been gained from this well, and, in combination with high quality 3D seismic data, will provide valuable insights into the prospectivity of the group's Namibian acreage in PEL-37 and PEL-30," the UK firm said. 

Smaller UK independent Chariot Oil & Gas's Prospect S well is due to be spudded offshore Namibia (on licence PEL71) later in 4Q2018.