Cairn slides on plugged well
CAIRN Energy slumped almost three per cent in early trading yesterday, yet closed just 0.2 per cent down, after the Scottish oil and gas explorer said a well located off Morocco had been plugged and abandoned without testing.
The FTSE 250 firm said that the area requires further evaluation by itself and its joint venture partners, Office National Des Hydrocarbures et Des Mines and Genel Energy.
Cairn is expected to give more clarity in today’s full-year results.