Shares in Longboat Energy PLC dropped Monday in early trading after it said the Cambozola exploration well offshore Norway was dry.
The London-listed oil-and-gas company, which has a 25% interest in the well, said it will now be plugged and abandoned.
“Naturally, we are disappointed that the Cambozola well was not a success but we look forward to continuing our fully-funded, gas-focused exploration programme with the large Oswig and Copernicus wells both anticipated to spud during the summer,” Chief Executive Helge Hammer said.
Shares at 0724 GMT were down 12% at 50 pence.