Cairn Energy has reported that initial interpretation of the Tybalt appraisal well 211/8c-5 in the North Sea has shown little indication of the presence of moveable hydrocarbons from the well, prompting Valiant, the operator of the well, to suspend the well.
The results indicate that the hydrocarbon saturations recorded throughout the section were broadly similar to the nearby 211/8c-4z discovery well drilled in 2010. Porosities were also similar, but the permeabilities recorded in the current well were generally at the low end of expectations, the firm said.
Cairn's wholly-owned subsidiary Agora hold a 40% stake in the site.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Cairn's share price was unaffected by the news, up 1.36% to 291p by 14:05.
NR
-
Galliford Try has firm foundations for strong growthBuilder Galliford Try has a finger in a wide range of pies, notably important work in the public sector
-
Card Factory is a stand-out small-cap going cheapIn a digital world, we still value the personal touch. That’s good news for Card Factory, whose unique business model is suited to weather all economic storms
