Statoil Comes Up Dry

Bloomberg is reporting:

Statoil ASA, Norway’s largest oil company, said it sees limited potential for raised estimates in the lower levels of its giant Johan Sverdrup discovery after drilling a dry well.

A sidetrack well failed to find oil at the Cliffhanger South area as well as in a secondary target in the “granitic basement,” the Stavanger-based company said today in a statement on its website.

“The core samples from this section contained oil shows, but were confirmed to be non-producible,” Statoil said. “The findings reduce the possibility for upside potential in the basement section in the Johan Sverdrup area.” 

Oh, well.