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.
-
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
