FTSE 250 movers: Tullow gushes higher despite well abandonment

By Frank Prenesti

The FTSE 250 was down 0.42% at 20,071.24 at 1526 BST.

Tullow Oil shares rose after the company said on Friday it had plugged and abandoned an exploration well offshore Guyana.

The company said drilling operations at the Beebei-Potaro exploration well, drilled in the Kanuku licence, have been completed. The well encountered good quality reservoir in the primary and secondary targets but both targets were water-bearing.

The Noble Regina Allen rig drilled the well to a total depth of 4325 metres in 71 metres of water and the well has been plugged and abandoned. Tullow said it will integrate the well results into its regional subsurface models and work with its joint venture partners before deciding on next steps.

Repsol operates the Kanuku licence with a 37.5% working interest. Tullow holds a 37.5% interest, while TOQAP has 25%.

Just Group was boosted by an upgrade to ‘market perform’ at KBW.

FTSE 250 – Risers

Just Group (JUST) 74.70p 4.18%
TP Icap Group (TCAP) 134.60p 4.18%
Bank of Georgia Group (BGEO) 1,728.00p 3.85%
Ferrexpo (FXPO) 145.40p 3.74%
Tullow Oil (TLW) 51.70p 3.47%
NB Private Equity Partners Ltd. (NBPE) 1,605.00p 3.22%
The Renewables Infrastructure Group Limited (TRIG) 144.20p 3.15%
Future (FUTR) 1,881.00p 2.79%
Mitchells & Butlers (MAB) 189.30p 2.72%
Wood Group (John) (WG.) 155.40p 2.63%

FTSE 250 – Fallers

Wizz Air Holdings (WIZZ) 2,238.00p -5.22%
Morgan Sindall Group (MGNS) 1,852.00p -4.93%
IP Group (IPO) 83.60p -4.65%
IWG (IWG) 189.10p -4.52%
Serco Group (SRP) 175.50p -4.42%
Trainline (TRN) 395.20p -3.84%
Dr. Martens (DOCS) 258.20p -3.65%
Convatec Group (CTEC) 238.60p -3.25%
Darktrace (DARK) 387.00p -3.22%
Dunelm Group (DNLM) 825.50p -3.00%

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