North Sea-focused Ithaca Energy reported Monday that the Storbarden exploration well on production license 506S in Norway did not find hydrocarbons.
The operator of the well, Rocksource ASA, used the Borgland Dolphin (DW semisub) rig to drill the main reservoir and the secondary target. Final data acquisition and analysis is currently ongoing, following which the well is to be plugged and abandoned.
The costs of the Storbarden well transferred from Valiant Petroleum to Ithaca on account of Ithaca's recent takeover of Valiant.
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