Newfield announces North Sea dry hole, write-down

Newfield Exploration Co., Houston, announced that its wildcat well on the Cumbria Prospect in the UK North Sea was a dry hole.

Nov. 5, 2004

By OGJ editors
HOUSTON, Nov. 5 -- Newfield Exploration Co., Houston, announced that its wildcat well on the Cumbria Prospect in the UK North Sea was a dry hole.

The well was drilled on License Area 49/4b in the Southern Gas basin. Newfield was awarded the license in the 21st licensing round and drilled the Cumbria wildcat in August.

The company is taking a write-down of $6.7 million ($5.0 million after tax) in the third quarter. The Cumbria well was drilled for $13.2 million.