Premier Oil's Bluebell exploration well on UK Block 15/24 in the Central North Sea will be plugged and abandoned after the logs were water wet.
The next exploration wells to be drilled in the region are the Stingray and Carnaby wells. Both wells are planned to "spud" in early April with results expected in May; spudding is the oil industry term for piercing the surface of the earth with a drill.
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
Simon Lockett, Chief Executive Officer, said: "We recognised the geological risks of the Bluebell prospect and farmed down prior to drilling to manage this exposure. The K-30 result is very encouraging and continues our success in supplementing production in Pakistan through near-field exploration."
NR
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
