Tullow says latest Mozambique well is dry hole

LONDON (Reuters) - British oil firm Tullow Oil said a well off the coast of Mozambique failed to find oil or gas, a blow to the company's exploration hopes in the East African country. The well, Buzio-1, was the second drilled by Tullow and its partner Statoil off the coast of Mozambique. The first well, Cachalote-1, in July discovered only small amounts of gas. Tullow said on Monday it would plug and abandon the Buzio-1 well as a dry hole. "We will now combine the data from both offshore Mozambique wells with our extensive seismic in this licence area and determine our next steps," the company's exploration director Angus McCoss said in a statement.