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.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Parents face £1,000 'nanny tax' – how to afford it
Hiring a nanny is about to become even more of an expensive hassle for families, especially those in London. Here's how to cut costs
By Ruth Jackson-Kirby Published
-
Business rates relief to be slashed – how to cut costs
Labour has promised to reform business rates, the corporate equivalent of council tax
By David Prosser Published