Very poor form from Tullow. If you follow their RNS tracking their exploration adventures then todays announcement is totally out of character and one can only speculate as to what their motives are.
A dry secondary is a dry secondary but declaring non commerciality is ambiguous and unnecsesary at this juncture but one thing for sure it will scare the hell out of the market! Does it refer to that fault block or the whole structure. Perhaps it becomes commercial in the context of a basin wide development. Anyway no sensible reason to make such a declaration untill all data is available except for some strategic reason.
Kenyans also need to be more professional and not release inside information to the market. Highly incompetent of them.
This is just the first step for Kenya offshore. Its been fun but tin hats time tomorrow. Its a setback that's all.
PCL Price at posting:
23.5¢ Sentiment: Hold Disclosure: Held
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