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