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French Guiana disappointment for Tullow Oil

Tullow Oil’s shares fell sharply this week after another disappointing well result in the company’s French Guiana exploration campaign

Northern Petroleum, a partner in the French Guiana licence, said in a statement on Wednesday that the Priodontes well had drilled through 325 metres of the targeted Priodontes fan formation, but the well had not encountered any “significant hydrocarbon shows.” The statement added that the project partners had decided to deepen the well to acquire further data on the underexplored region. Tullow’s share price fell as much as 13% from 1,090 pence ($16.67) a share to 950p a share after Northern Petroleum’s announcement, before rebounding to close the day at 982.5p a share. Tullow quickly followed up with its own statement in which it clarified its position on the well: “Although the Priodont

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