Dry well causes slide

NZOG shares fell 9c to $1.63 after disclosing yesterday that its first exploration well of the summer season came up dry.

The company said the Albacore-1 well, 70km north of New Plymouth in the northern offshore Taranaki basin, had reached its total depth of 2133m with only traces of hydrocarbons found. Wireline logs were being run to gather additional information.

"However, based on only traces of hydrocarbons having been found, the well is non-commercial," the company said. "Once the logging is completed, the well will be plugged and abandoned as planned."

- NZPA