Cairn Energy suspends well

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.

Cairn's share price was unaffected by the news, up 1.36% to 291p by 14:05.

NR