LONDON (Alliance News) - InfraStrata PLC and Baron Oil PLC Thursday said they failed to find hydrocarbons during the drilling of the Woodburn Forest well in County Antrim in Northern Ireland.
The two London-listed companies said the well was drilled to a depth of 2,000 metres and encountered two conventional sandstone reservoir intervals, the Triassic Sherwood and the Lower Permian Sandstones, but said it only encountered water.
The well will now be plugged and abandoned.
"It is naturally disappointing not to have encountered a hydrocarbon accumulation and the joint venture will now fully evaluate the data collected in the well and decide where to focus its future exploration activity in the basin," said Andrew Hindle, chief executive of InfraStrata, which operates the licence.
"We are disappointed not to encounter hydrocarbons in this location but valuable information was gathered on the regional geology while drilling the well which will now be evaluated," said Bill Colvin, chairman and chief executive of Baron Oil.
InfraStrata shares were up 1.5% to 1.98 pence per share on Thursday afternoon whilst Baron Oil shares were up 7.3% to 0.590 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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