Summit Petroleum’s North Sea Orchid prospect could contain up to 40million barrels of oil, it was announced today.
But Trap Oil, a 15% stakeholder in the well, which had been sidetracked, said it was to be plugged and abandoned after reaching target depth.
Mark Gidney-Groves, Trap’s chief executive, said he was frustrated by the move.
He added: “It is our first well and we’re glad it’s a discovery, although more modest than we had hoped.
“Evaluation of wire line logs was ambiguous and as a consequence the only way to find out its potential was to take it to test. We couldn’t get the operator on board and for the smaller partners it was a big ask.
“Unfortunately, we have had to walk away without really knowing the answer, which seems less than satisfactory.”
The firm said there were more than 280 feet of “good oil shows” and its management estimated there were about 40million barrels of unaudited oil in place, but more work will be carried out to firm up the figure.
Partner Valiant, which owns 30%, said the well found oil shows and a 50ft “pay zone” but oil saturation was low.
Further work would now be carried out to decide what further appraisal work should be done on the prospect.
Summit is operator on the field and 45% owner, alongside Valiant, Trap and 10%-owner Atlantic Petroleum.