EnCore says an analysis of the available electric logs indicates that no significant hydrocarbons were present in exploration well 18/5-2 located in the North Sea. It is expected that the well will be plugged and abandoned following completion of the drilling operations.
The well, operated by Apache North Sea Limited, began drilling on February 13, 2007 with the semisub Petrolia.
Alan Booth, Chief Executive Officer, commented:
"We are naturally disappointed that this was not a better result for our first offshore well. This result validates our strategy of portfolio diversification and we look forward to a multi-well program for 2007 and 2008. In the meantime we remain alert to further opportunities to expand and shape our portfolio."
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