North Sea wildcat well delivers no results for Vår Energi

The Norwegian oil and gas company Vår Energi $VAR (-4,82 %) and its partner Kistos Energy have drilled a dry well in the Balder area in the North Sea.

The well 25/8-C-23 D, named "Prince Updip", was drilled from the Ringhorne platform, just over 200 kilometers west of Stavanger, as part of production license 027.

Vår Energi is the operator of the license with a 90% interest, while partner Kistos Energy (Norway) holds the remaining 10%.

Production license 027 was awarded in 1969 in the second licensing round on the Norwegian Continental Shelf (NCS). This is the 13th exploration well drilled within the license area. The Balder and Ringhorne Øst fields are also located in this license area.

Exploration activities have already taken place within the production license in 2021, when exploration wells 25/8-20 S, B and C proved hydrocarbons in two levels.

Based on the drilling results, the well was classified as dry with hydrocarbon shows and has now been permanently shut-in and abandoned.

Raketentoni@Raketentoni

1Sem.

Are you currently taking profits? The share will come back to old values when the oil price drops, I once set SL for 50% of my position with dynamic SL at 5% below the current price :)

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S.A.U.@SAUgut777

@Raketentoni I'm not quite sure yet, as I only have $VAR in my portfolio and my position is not that big at 500 shares.

And I think that oil prices won't go down that quickly for the time being and will remain higher even after the end of the war...let's see how the infrastructure looks afterwards.

@SAUgut777 well 500 pieces is something 😬 well you are now a good 60% up if I see it that way, I think I would sell half at 80%, then you have your stake out and directly place an order 30% lower for 250 🤷 no one has yet died from taking profits