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Cairn Energy says Morocco well is dry hole

Reuters - UK Focus

LONDON, Dec 20 (Reuters) - British explorer Cairn Energy (LSE: CNE.L - news) said a well in Morocco, the first in a series due to drilled off the coast of the North African country, failed to find oil or gas.

Oil companies plan to step up drilling in Morocco, attracted by its stability relative to other parts of North Africa and encouraged by advances in geology and technology that indicate its potential for reserves offshore.

Cairn, whose partners in the well include Serica Energy (Toronto: SQZ.TO - news) and San Leon, said on Friday the Foum Draa-1 wildcat well would be plugged and abandoned after failing to find commercial quantities of hydrocarbons, although there was evidence of gas.

Shares in Cairn fell 3 percent after the announcement, while Serica traded 15 percent lower. San Leon shares were down 1.8 percent.

Cairn said it would now look to drill a second well off the coast of Morocco.

(Reporting by Sarah Young; editing by James Davey)