17th Oct 2019 09:00
(Alliance News) - Cairn Energy PLC said Thursday a wildcat well drilled in the UK North Sea has turned up dry.
The 03/17a-3, or Chimera well, was drilled to 1,830 metres into the Paleocene Heimdal sandstones within the Lista formation, but found no hydrocarbons.
The well was drilled 40 kilometres north of the Kraken oil field, and water depth at the site if 135 metres.
Edinburgh-based Cairn will now abandon the well. This latest wildcat result follows two other wildcat wells in the North Sea turning up dry in July and August.
A wildcat well is one drilled in an area previously untargeted with no historic production, or in an area that has been supposedly fully exploited.
Cairn shares were 1.1% lower on Thursday morning in London at a price of 199.30 pence each.
By George Collard; [email protected]
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