Det norske, the operator of block issued an update on the Langlitinden prospect offshore Norway.
The well encountered oil in a channel sands but mini-DST proved poor reservoir properties. Det norske and its partners will evaluate the results and consider the remaining prospectivity of the licence. Based on preliminary analysis, the volumes are insufficient to justify a field development.
The discovery of hydrocarbons may point to future prospectivity though the insufficient volumes will be a disappointment given the string of non commercial exploration results in Norway since announcing the Wisting Central discovery in 2013. The result however is not significant our valuation of Tullow as it added a risked 2.5p per share to risked NAV. <p><h5>Muna Muleya</h5>
Merrion Stockbrokers Limited (registration no. 307878)
is a limited liability company whose registered office is at
Block C, The Sweepstakes Centre, Ballsbridge, Dublin 4, Ireland.