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LONDON (Alliance News) - Shares in Reabold Resources PLC, Baron Oil PLC and Upland Resources Ltd dropped on Wednesday on the back of unsuccessful results from the drilling of the Wick exploration well in the UK.
Baron stock was down 26% trading at 0.28 pence, Upland shares dropped 35% to 2.18p and Reabold shares were trading down 4.4% at 0.67p.
The three companies announced that drilling of the 11/24b-4 well, on the Wick prospect was unsuccessful as its primary target, the Beatrice Sandstone, was found to be water bearing.
The well has now been plugged and abandoned and the rig will move to the English Channel to drill the Colter well.
Baron Chief Executive Officer Malcolm Butler said: "This is a very disappointing result for the Wick well. We will now review the results to determine the reasons for the failure of the well and its implications for the Wick structural complex as a whole."
"The ENSCO-72 rig will now be moved to the English Channel to drill the Colter well on block 98/11a."
Corallian Energy the well operator owns a 40% interest in Wick, same as Upland Resources while Baron Oil owns a 15% stake and Corfe Energy a 5%.
Reabold owns a 32.9% stake in Corallian Energy.
