5th May 2020 10:02
(Alliance News) - Cairn Energy PLC on Tuesday said it an exploration project in Mexico has been abandoned after disappointing findings during drilling.
Cairn reported that work at the Ehecatl-1 exploration well, operated by Eni Spa and located in the Sureste Basin Offshore Mexico, has been completed. Cairn has a 30% stake in the project.
Cairn said: "The exploration target of the well was to prove hydrocarbons in the Lower Miocene. The well did not find reservoired hydrocarbons and it has now been permanently plugged and abandoned.
"Logging, sampling and data collection during the well operations will help the joint venture calibrate the seismic data and develop an improved understanding of the Lower Miocene target and the information gathered will be integrated to improve the understanding of the block and inform the second well decision."
Cairn shares were 4.5% higher at 118.50 pence each in London on Tuesday morning. Eni shares in Milan were 3.4% at EUR8.49.
By Eric Cunha; [email protected]
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