Geite prospect comes up dry, Cairn says
Cairn Energy said a well on the Geite prospect in the North Sea in which it has an interest has come up dry.
Cairn Energy said a well on the Geite prospect in the North Sea in which it has an interest has come up dry.
Det norske oljeselskap, the operator of the exploration well, said triassic reservoir sandstones were encountered in the well, which is located north-west of the Ula field, but without hydrocarbons.
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Cairn owns a 15% interest in the Geite exploration well through its wholly-owned subsidiary, Agora Oil & Gas.
The market took the news in its stride, with Cairn shares trading up 3.5p at 288.5p in the afternoon session.
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