In statement released on Monday, Tullow Oil announced that it was withdrawing from the Cormorant-1 exploration well in the permissible exposure limit (PEL) 37 licence in offshore Namibia.
During its exploration activities, the company encountered non-commercial hydrocarbons and as a result, the well is being plugged and abandoned.
The Cormorant-1 exploration well has been drilled to a depth of 3,855m and has reached objects of the Cormorant prospect. Sandstones were encountered in the primary objective of the well, but these proved to be water bearing.
Wet gas signatures, indicative of oil, were encountered in the overlying shale section. Important geological data has been gained from the well and will provide valuable insights into the prospectivity of the group’s Namibian acreage in PEL 37 and PEL 30.
Tullow Oil Exploration Director, Angus McCoss said in a statement: “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 support the concept that there is a working oil system in the area. As a result, following the conclusion of operations, we will analyze the data gathered before deciding on any future activity.”