Tullow Oil finds up to 70m barrels in Cara prospect in Norwegian North Sea

Tullow Oil said on Friday that drilling and testing of the Cara prospect in the Norwegian North Sea has been completed and between 25 and 70 million barrels of oil equivalent have been discovered.

The FTSE 250 company said the well encountered a gas column of 51 metres and an oil column of 60 metres, drilled to a depth of 2,702 metres.

Tullow said extensive data acquisition was undertaken including wireline logging and three successful core runs and a successful production test.

“The partners will now evaluate the possibility of linking this discovery to existing infrastructure at the nearby Gjoa field,” it said.

ENGIE E&P Norge AS is the operator of licence 636, with a 30% stake. The other partners are Tullow Oil Norge AS (20%), Idemitsu Petroleum Norge (30%) and Wellesley Petroleum AS (20%).

At 0930 BST, Tullow shares were up 2.1% to 221.80p.