Tullow Oil - Araku not successful but exploration focus is undiminished

Davy Research
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While the Araku well result as a stand-alone is disappointing, the presence of gas condensate improves the deeper potential of the block. In valuation terms, we suspect there was little value credited to the play in line with the market’s muted view of exploration in general at present. If anything, the presence of gas condensate in the well points to another source of oil and gas, adding to the overall density of targets in the Guyana/Suriname region.

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