XOM Exxon Mobil Corp

By Tapan Panchal

LONDON--Tullow Oil PLC (TLW.LN) said Friday that the Sputnik-1 well located in Gabon's offshore Arouwe block has encountered non-commercial hydrocarbon pay in up to 300 meters of net sandstone reservoir.

The oil and gas exploration company said that the well was drilled to a final depth of 4,868 meters in water depths of 1,023 meters.

The company currently has 35% interest in the Arouwe block. Perenco is the well operator with a 35% interest and ExxonMobil (XOM) owns the remaining interest .

Separately, Tullow said it has completed the partial sale of its Schooner and Ketch gas assets in the U.K. to Faroe Petroleum (U.K.) Ltd., and that it continues to market its remaining southern North Sea gas assets.

Write to Tapan Panchal at tapan.panchal@wsj.com

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