Tullow Oil has announced that the Cormorant-1 well on PEL 37 in the Walvis Basin failed to find commercial hydrocarbons. The well was drilled to 3,855 metres and tested an Early Cretaceous age submarine fan structure, but the sandstones it encountered were water-bearing. Tullow said the well encountered wet gas signatures in the overlying shale section, indicating a working oil system in the area. The well will be plugged and abandoned, and the Ocean Rig Poseidon drillship will move to PEL 71 to drill a well on Prospect S for Chariot Oil & Gas.