Sterling Energy announced Friday its decision to withdraw from the Sangaw North PSC oil field in Kurdistan after 2D seismic data indicated the remaining potential was insufficient to justify drilling a second exploration well.
The oil company - focused on operations in Africa and the Middle East - said it abandoned the area on Tuesday following interpretation of the data.
Sterling had acquired and processed 117km of 2D seismic data during 2012, which revealed the potential of a secondary target adjacent to the south east of the Sangaw North PSC area was not feasible.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"While we are naturally very disappointed to have been unsuccessful in our exploration efforts in Kurdistan, we now look forward to focusing on, and adding to, our remaining high potential exploration interests in Africa," Chief Executive Angus MacAskill said.
Shares were down 1.31% to 37.75p at 09:00 Friday.
Trust in US TIPS to beat inflation
In an inflationary market TIPS, the US Treasury Inflation-Protected Securities are most compelling says Cris Sholto Heaton.
By Cris Sholto Heaton Published
The jury's out on the AI summit at Bletchley Park
World governments gathered for an AI summit at Bletchley Park in November, but were they too focused on threats at the expense of economic benefits?
By Simon Wilson Published