#Oil - Tullow Oil's shares dropped more than 6% in London trading early last week with the news that its prospect in the Atlantic off French Guiana is dry, according to The Irish Times.
The Irish-founded oil exploration firm says it encountered a number of oil shows in reservoir quality sands at its Zaedyus-2 well in the waters north of Brazil, but it "did not encounter commercial hydrocarbons".
The result was described as "very disappointing" by Investec Securities analyst Stuart Joyner - though better signs have been seen at the nearby Zaedyus-1 well, drilled by Tullow with partners Royal Dutch Shell and Total at a cost of $250 million.
And as previously reported on Afloat.ie, the UK-based company's prospects off the Ivory Coast and Ghana have proven encouraging for future exploration.
