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.
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
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.
JH
-
Autumn Budget 2025: What we know so farChancellor Rachel Reeves is set to announce a slew of new measures in her second Autumn Budget and an ailing economy means tax hikes are almost certain. Here's what we know so far, and what analysts are expecting.
-
Hundreds of thousands more taxpayers to be pulled into £100k ‘tax trap’ by 2029Frozen thresholds are pushing more workers into paying income tax at an effective 60% rate. We look at why, as well as how you can avoid being caught in the trap.
