Oil and gas firm Premier Oil said it had abandoned a well off the coast of Norway and would now move its focus onto UK waters.
The firm said its 'Gardrofa' exploration well was drilled to a depth of 2,205 metres but had been plugged and abandoned as a dry hole.
Premier's focus on UK North Sea sites include its Erne exploration well, where it said results were expected imminently, as well as its East Fyne appraisal well and Bluebell prospect.
Subscribe to 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
It expects to drill six exploration wells in the North Sea in the next six months.
The company added that it had undertaken successful tests at the Chim So development well in Vietnam.
"The well encountered 37 metres of gross Oligocene (Cau formation) sands with an estimated 17 metres of net hydrocarbon bearing pay," the firm said.
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
