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Cairn Energy reveals Norwegian exploration well is ‘dry’

The well encountered a 'very good' quality reservoir but no traces of hydrocarbon were found.

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The well be plugged and abandoned.

Cairn Energy PLC (LON:CNE) has revealed that the Lynghaug exploration well has been unsuccessful.

The company owns a 50% in the ‘wildcat’ exploration well which was the first to be drilled within production licence 758, in the Norwegian North Sea.

READ: Cairn Energy “particularly pleased” with Catcher field

Lynghaug was drilled six kilometres away from the Norne field. It encountered around 170 metres of alternating layers of sandstone, claystone and coal in the Åre formation. This included almost 50 metres of sandstone with very good reservoir quality, but, no traces of petroleum were observed.

It will now be plugged and abandoned.

Next, the company will drill a wildcat exploration well in production licence 842 in the Norwegian Sea.

Quick facts: Cairn Energy PLC

Price: 174 GBX

LSE:CNE
Market: LSE
Market Cap: £1.03 billion
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