12th Feb 2014 10:20
LONDON (Alliance News) - Ithaca Energy Inc said Wednesday an exploration well at its Handcross prospect is being plugged and abandoned after failing to find hydrocarbons.
Ithaca said the well was drilled to a total measured depth of 10,120 feet into the Tertiary, Vaila Formation, but no hydrocarbons were encountered in the target T36 or T35AA sands.
Ithaca's share of the well cost is carried by the co-venturers that farmed into the licence, which was transferred as part of the Valiant Petroleum PLC acquisition.
The Handcross licence partners are Ithaca- also the operator, Edison International SpA, RWE Dea UK SNS Limited, Sussex Energy Limited and Oyster Petroleum Limited.
The stock was trading at 138.00 pence Wednesday morning, unchanged.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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