Stingray well has no sting, say Premier Oil

published 3 May 2012

Resources giant Premier Oil is to plug and abandon the Stingray exploration well in the UK North Sea after it came up dry.

Premier holds a 50% stake in the well. The next exploration well to be drilled by Premier in the UK North Sea is the Carnaby well on the Catcher acreage, which Premier expects to start drilling towards the end of next week. The Sedco 711 rig will then drill the Premier-operated Coaster prospect on the adjacent block to Carnaby.

The share price fell 0.6% to 378.10p by 09:17.