Shares digital

North Sea explorer Ithaca Energy (IAE:AIM) has encountered a dry hole on its acreage in the Moray Firth.

The Manuel well, the company’s second exploration well near the Beatrice field failed to find hydrocarbons. The company says no oil sample was recovered from the well and that it has been plugged and abandoned. However, Nick Muir, chief exploration officer adds that the results obtained will help inform decisions about further exploration. He says: ‘While the well was commercially unsuccessful, information obtained from the well was highly encouraging. The well was drilled in an under-explored area.’

by: Tom Sieber