Trapoil's shares plunge after abandoning well in UK North Sea

Trapoil's shares retreated Wednesday after the oil and gas company announced it would plug and abandon a well in the UK's North Sea.

Trapoil's shares retreated Wednesday after the oil and gas company announced it would plug and abandon a well in the UK's North Sea.

The well at the Magnolia licence P.1610, block 13/23a, exploration prospect was drilled to a target depth of 5,028 feet measured depth.

"The well achieved its primary targets [...] however no significant hydrocarbons were encountered," the company said.

"Accordingly, there are no plans to conduct a drill stem test and the well is to be plugged and abandoned."

Partners of the licence include Dana Petroleum, Summit Petroleum and Atlantic Petroleum. Trapoil holds a 10% carried interest.

RD

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