4th Mar 2015 09:07
LONDON (Alliance News) - Circle Oil PLC on Wednesday said it has plugged and abandoned the Shisr-1 well in Oman after it faced difficulties in the drilling process and found no oil.
Circle said the well, in Block 49, onshore Oman, experienced drilling difficulties, which had not been encountered in other wells in the area, and after it found no hydrocarbons.
"This well was always deemed as high risk, and the unexpected and disappointing conditions experienced in this well, designed as a slim-hole stratigraphic test, have been a challenge to our drilling team," said Circle Chairman Steve Jenkins.
Circle shares were down 0.9% to 11.40 pence Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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