6th Jun 2022 11:58
(Alliance News) - Longboat Energy PLC on Monday said its Cambozola exploration well offshore Norway came up dry and will now be plugged and abandoned.
The exploration and production company focused on the North Sea said the Cambozola exploration well in licence PL1049 was drilled to a total vertical depth of 4,393 metres below sea level. However, it failed to encounter any effective reservoir.
Longboat Chief Executive Helge Hammer said: "Naturally, we are disappointed that the Cambozola well was not a success, but we look forward to continuing our fully-funded, gas-focused exploration programme with the large Oswig and Copernicus wells both anticipated to spud during the summer."
The company started drilling at the 25%-owned Cambozola well in April. It had called it the largest gas prospect to be drilled in Norway in 2022.
Longboat raised gross proceeds of GBP35 million in 2021 to finance the drilling.
Longboat shares were down 16% at 48.07 pence each on Monday morning in London.
By Xindi Wei; [email protected]
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