Cairn reports on dry well
Edinburgh-based oil and gas giant Cairn Energy said a North Sea well in which it has a minority interest has been abandoned.
Edinburgh-based oil and gas giant Cairn Energy said a North Sea well in which it has a minority interest has been abandoned.
The firm said that Wintershall Norge AS, operator of production licence 370, had completed drilling of wildcat well 33/6-4, which was found to be dry.
Cairn has a 30% interest in the well, which has now been permanently plugged and abandoned.
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
The objective of the well had been to prove petroleum in reservoir rocks from the Paleocene Age.
The well was the first exploration well in production licence 370.
The announcement did not perturb investors who pushed Cairn's shares up 1% in early trading.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Inheritance tax bills exceed £500,000 for almost 10% of estates
Thousands of estates have had to pay a six figure inheritance tax bill – and the issue looks set to worsen.
-
Can gold protect you against inflation?
Inflation is on the rise in the UK. Could investing in gold protect your portfolio against rising prices?