Tullow Oil has come up dry in the wildcat well 31/2-21S, which was targeting the Gotama Prospect offshore Norway. The well encountered reservoir quality sandstones in the secondary targets but these intervals are water-wet.
The wildcat is the first exploration well in the PL550 and was targeting sandstone reservoirs in the Upper Jurassic Draupne Formation as the main target and additional sandstone targets in the Middle Jurassic Sognefjord Formation and Brent Group.
The well is located approximately 12 km north-west of the Troll C Platform and 120 km north-west of Bergen. The well was drilled into the Lower Jurassic Cook Formation to a depth of 3,217m in water depths of 348m. The well will now be plugged and abandoned.
PL550: Tullow (80%, operator), Det Norske (10%) and VNG (10%).
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.