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Cairn abandons Morocco well after target shortfall

CAIRN Energy has plugged and abandoned the first well it drilled on the interests it has amassed off Africa, which failed to find oil or gas in commercial quantities.

The Edinburgh-based oil and gas company said the FD-1 well drilled off Morocco had not encountered the target reservoirs. However, chief executive Simon Thomson said the well had confirmed the existence of a deep water hydrocarbon system in the area. He said follow- up exploration prospects on the Foum Draa block need to be evaluated.

Mr Thomson said Cairn looked forward to starting operations on the Juby Maritime well off Morocco soon. Cairn moved into Morocco last year under a plan to build a portfolio of exploration interests in the Atlantic Margin area.

Shares in Cairn closed down 2.2p at 264p.

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