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Borders and Southern plugs and abandons Stebbing well

Tue, 31st Jul 2012 11:32

Borders and Southern Petroluem, an oil and gas producer, has reported that well 61/25-1 on the Stebbing exploration prospect has been successfully plugged and abandoned, bringing to an end the company's current two well drilling programme.

The company announced earlier this month that the prospect had been unsuccessful, saying that although it had found very strong gas shows in the Tertiary section of the 61/25-1 well, it couldn't reach lower targets due to "anomalous pressure conditions".

The Leiv Eiriksson drilling rig will now be assigned to Falkland Oil and Gas for its two well programme, after which it will be demobilised.

The share price fell 5.63% to 16.75p by 11:37.

NR

Related Shares: Borders & Southern Petroleum (BOR).

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