No oil found in Norwegian well

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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.