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Canadian Overseas Petroleum Abandons Bluebell Well; Shares down 10%

Canadian Overseas Petroleum Limited (XOP.V) reported today that drilling in the Bluebell exploration prospect that spans Blocks 15/24c and 15/25f in the UK Central North Sea did not encounter any commercial volumes of hydrocarbons. The well is currently being plugged and will be abandoned. The well, operated by Premier Oil plc, was originally estimated to take approximately 30 days to drill but because of favourable weather and drilling conditions, the time was significantly shorter, thus resulting in lower than budgeted costs.

More than 72,000 shares have changed hands so far.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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