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.
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.
-
Is it time to ride the recovery in emerging markets?Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
-
Could the Enterprise Investment Scheme cut your tax bill?The Enterprise Investment Scheme is tax-efficient and potentially lucrative. Taking a chance on the scheme could trim your family’s IHT bill, says David Prosser
