Independent oil and gas explorer Trap Oil said yesterday it was abandoning the North Sea Scotney exploration well as dry.
Following the news, its share priced dropped by more than 19% to 11p.
Trap, which made pre-tax losses last year of £10.86million, said the prospect about 125 miles north-east of Aberdeen held no “significant hydrocarbons”. The firm is looking to secure partners for drilling on the Knockinnon, Orchid and Surprise projects and is also awaiting its first UK operator status after increasing its share in the Orchid prospect by 45% earlier this year.