Oil explorer Azinor Catalyst said today that its North Sea Partridge well had come up dry.
Partridge, which is wholly-owned by Azinor, was thought to contain up to 260million barrels of oil equivalent.
The Ocean Guardian semi-submersible rig carried out the drilling campaign, which started last month.
But Bermuda-based Azinor, which is backed by Seacrest Capital Group, has not abandoned its North Sea ambitions.
The company will drill an appraisal well to test the Agar Discovery and Plantain Prospect in the second quarter of 2018.
Azinor managing director Nick Terrell said: “While we are disappointed with the result of the Partridge well, the very high quality sandstones which we encountered in the target reservoir both reinforces our geological model and de-risks key elements of the wider play, which we captured through the recent UK 29th Round.
“With strong industry support for the Partridge Prospect, we were able to execute two transactions ahead of drilling, one of which was with a major, resulting in very limited financial exposure.”