Staff Reporter
Abandoning the Magnama-1 offshore exploration well in Block 16, British oil and gas explorer Cairn Energy Plc yesterday said it would soon begin drilling in Hatiya-1 exploration well.
The Magnama-1 offshore exploration well, a well in Bangladesh was to be plugged and abandoned after it failed to hit commercial gas reserves, Cairn said in a statement from its head office in London.
The announcement immediately hit Cairn shares price in the London Stock Market yesterday, when its shares traded down 1.5 per cent at 2,903 pence at 0903 GMT, according to a report received in Dhaka last evening. [Read more]