17th Mar 2014 08:39
LONDON (Alliance News) - Cairn Energy PLC Monday said the exploration JM-1 well offshore Morocco has been plugged and abandoned without testing.
The major oil and gas exploration company said the well was drilled to a total depth of 3,711 metres and confirmed the presence of heavy oil over a 110 metre space in the Upper Jurassic region.
The company said reservoir quality and the oil gravity in the Upper Jurassic requires further evaluation by Cairn and its joint venture partners on site, Office National Des Hydrocarbures et Des Mines and Genel Energy PLC.
Cairn said work is ongoing to correlate the core and log data from JM-1 with other wells near the site to evaluate the extent of moveable hydrocarbons and how any further assessment should be conducted.
Cairn said its next well in the nine part exploration programme is FAN-1, in the Sangomar, Sangomar Deep and Rufisque blocks offshore Senegal.
Genel Energy shares were trading up 0.3% at 1,018.48 pence, while Cairn shares were down 0.9% to 195.20 pence, putting them in the top ten fallers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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