North Sea exploration and production company Longboat Energy said on Wednesday that the stacked Ginny/Hermine exploration prospects in the Norwegian Sea – in which it holds a 9% working interest – failed to encounter hydrocarbons and will now be plugged and abandoned.
The exploration well, which was operated by Equinor Energy AS, was targeting both the Upper Jurassic Ginny and the Middle Jurassic Hermine prospects located between the Galtvort discovery and Hasselmus field development.
The well was drilled to a vertical depth of 2,319 metres below sea level and encountered the target reservoirs water wet.
Chief executive Helge Hammer said: “Although this was the least impactful target in our portfolio, we are disappointed that the Ginny and Hermine prospects were not successful, particularly given their location between discoveries of similar age and structure.
“In the meantime, the company is looking forward to continuing the fully funded well programme with the Kveikje well expected to spud next month, the Cambozola well spudding in the spring and Copernicus in the summer.”
At 1255 GMT, the shares were down 13% at 50.66p.
