North Sea oil firm Ithaca has been dealt a blow after coming up dry on the Handcross prospect West of Shetland.
The firm, which operates the Judd Basin prospect, had engaged the Stena Carron to drill the site.
The prospect is thought to contain up to 115million barrels of oil equivalent, but an exploration well has failed to yield results.
“No hydrocarbons were encountered in the target T36 or T35AA sands,” the firm said today in a statement.
“The well is in the process of being plugged and abandoned.”
The well cost had been carried following farm-outs of the prospect by Ithaca, which inherited Handcross as part of its takeover of Valiant last year.
Recommended for you
