5th Aug 2019 10:14
(Alliance News) - Cairn Energy PLC on Monday said Capricorn Norge AS, operator of production licence 842, plugged and abandoned a wildcat well offshore Norway after it came up dry.
Cairn holds a 40% working interest in the Godalen prospect in the Norwegian sea, which is a part of production licence 842, through its subsidiary Capricorn Norge.
This is the first exploration well in production licence 842, Cairn noted.
The FTSE 250-listed exploration and development company said the primary exploration target for the well was to prove petroleum in Upper Jurassic reservoir rocks. The secondary exploration target for the well was to examine reservoir development in Upper Jurassic reservoir rocks.
Cairn confirmed that there were no traces of petroleum in the well, and it is dry. The well will now be permanently plugged and abandoned.
Cairn shares were trading 3.3% lower on Monday in London at 143.18 pence per share.
Related Shares:
Capricorn Energy PLC