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Disappointment in Morocco project for Cairn Energy

CAIRN Energy has suffered a reverse in its hunt for oil and gas off Morocco, a report in the country said.

The state news agency reported that the Moroccan Office of Hydrocarbons and Mining had said a well that Cairn is drilling on the Juby Maritime block off the North African country had not found a reservoir of good quality at the target depth.

Edinburgh-based Cairn is expected to provide an update on its exploration activity when it announces its 2013 results on Tuesday.

The company has a portfolio that combines potentially high-impact drilling in areas such as Africa with lower-risk activity in the North Sea.

In December, Cairn announced that the first well it drilled off Morocco did not find the reservoirs it had targeted but had confirmed a deep water hydrocarbon system.

Cairn plans to drill nine wells in 2014.

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