Tullow said its Tultule-1 wildcat well, a well positioned in a region not known previously to contain oil and natural gas reserves, will be categorized as a dry hole after drilling to a depth of 6,893 feet in the South Omo prospect.
Tullow said it was targeting a region similar to another area in Ethiopia that had oil potential, though no oil was encountered during the drilling. The company said Monday it found some natural gas deposits, which it says proves the presence of a hydrocarbon source in the region.
Tullow said it would move its drilling rig to a different section of the South Omo prospect "where new seismic [survey information] has delineated a number of exciting new prospects."
New wells are planned for the region in 2014.
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