No oil found in Norwegian well

0
Have your say

ITHACA Energy, the Aberdeen-based driller, yesterday revealed that the Storbarden exploration well in Norwegian waters has been “plugged and abandoned” after no oil was found.

The Aim-quoted explorer said: “The costs of this and the other committed exploration and appraisal wells transferred to Ithaca as a result of the acquisition of Valiant Petroleum were accounted for in the price paid for the company, with no success assumed.”

Rocksource operated the exploration well and held a 25 per cent stake, with Petrolia holding 30 per cent, Ithaca interested in 25 per cent and Petoro owning the remaining stake.

Ithaca completed its £203 million takeover of fellow North Sea driller Valiant Petroleum earlier this month after the deal was backed by investors holding 97 per cent of Valiant’s stock.

Back to the top of the page