Noreco bites dust at Luna

Duster: for Noreco at Luna

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Steve Marshall

 16 March 2012 16:15 GMT

Norwegian explorer Noreco has come up dry with a well drilled at its Luna prospect in the Danish sector of the North Sea.

The Luna-1X probe, drilled by Maersk Drilling jack-up Maersk Resolve in Noreco-operated licence 1/11, failed to find hydrocarbons, the company said in a statement on Friday.

The Oslo-listed company saw its share price drop by 7% on the news to trade at around Nkr7.65 ($1.30), although analyst Henrik Madsen of Swedbank First Securities reiterated a ‘buy’ recommendation for the stock and a target price of Nkr13.

Noreco has lined up an aggressive exploration campaign with another 11 wells firmed up for drilling this year.

These include probes at its operated Eik prospect in the…

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