LONDON (Alliance News) - Lansdowne Oil and Gas PLC shares dropped on Thursday after it said it has failed to encounter any significant amount of gas from drilling the Midleton exploration well in the Celtic Sea.
Lansdowne shares were down 11.9% to 6.50 pence per share on Thursday afternoon.
The well was drilled at the end of July and targeted the Greensand and Upper Wealden formations of the Lower Cretaceous.
"Some gas was present in the Greensand but the volumes are not considered commercial and the Upper Wealden was water wet. The well will be plugged and abandoned," said the company.
Lansdowne, which called the result "disappointing", have a 20% stake in the well with partner PSE Kinsale Energy operating the well and holding the remaining 80%.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Lansdowne Oil (LOGP)