Longboat Energy shares tumble after it abandons hydrocarbon project
Shares in North Sea exploration group Longboat Energy (Longboat) have dropped 11 per cent on the FTSE AIM-All Share after it scrapped its exploration project at the stacked Ginny/Hermine well in the Norwegian Sea.
The project failed to encounter hydrocarbons and will now be plugged and abandoned.
The exploration well was operated by Equinor Energy AS, 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.
Longboat says the drilling operations were carried out within budget and with no HSE incidents.
Helge Hammer, Longboat chief executive of Longboat, said: “We are disappointed that the Ginny and Hermine prospects were not successful, particularly given their location between discoveries of similar age and structure.”