Drilling of the onshore West Eagle-1, located about 21 miles north-east of Homer, Alaska, in the Cook Inlet area, halted at 3700 feet after no hydrocarbons were found in the Upper Tyonek target formation.
The well had been permitted to a depth of 8500 feet. It has now been plugged and abandoned.
"Failure of the primary objective has significantly increased the risks associated with the deeper objectives," the company said in a statement.
Buccaneer
