15th Sep 2022 10:57
(Alliance News) - Longboat Energy PLC shares dropped on Thursday after it said its Copernicus exploration well offshore Norway came up dry and will now be plugged and abandoned.
Shares in the North Sea-focused exploration and production company were down 16% to 38.00 pence each in London on Thursday morning.
Longboat said the Copernicus exploration well in licence PL1017 was drilled to a total vertical depth of 2,400 metres below sea level. However, it failed to encounter any effective reservoir.
The drilling operations were carried out within the time schedule and below budget, the company added.
In June, Longboat announced that it was abandoning its Cambozola well in Norway due to dryness. The Cambozola exploration well in licence PL1049 was drilled to a total vertical depth of 4,393 metres below sea level.
Chief Executive Helge Hammer said: "Naturally, we are disappointed that the Copernicus well was not a success but we look forward to continuing our fully-funded, gas-focused exploration programme with the results of the Oswig well expected shortly."
By Sophie Rose; [email protected]
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