10th Jul 2019 09:36
(Alliance News) - Cairn Energy PLC is to plug and abandon a wildcat well in the North Sea, it said Wednesday, following drilling work.
Cairn drilled well 6508/1-3 on Licence 758, located six kilometres south-east of the Norne oil field.
The aim of the well was to find petroleum in the Lower Jurassic rock, and it found around 170 metres of layers of sandstone, claystone, and coal. Some 50 metres of sandstone were of "very good" reservoir quality, Cairn said.
However, no traces of petroleum were found, and it will now be abandoned.
Cairn shares were 0.5% higher on Wednesday at a price of 174.50 pence each.
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