Lundin Petroleum AB, Sweden's largest oil explorer, fell to a two-week low in Stockholm trading after saying it will abandon a Sudanese well that failed to find oil.
Lundin dropped 2.5 kronor, or 3.2 percent, to 75.5 kronor. That's the lowest since Feb. 21 and values the Stockholm-based company at 23.8 billion kronor ($3.89 billion). The stock earlier lost as much as 5.1 percent.
The explorer started drilling at Sudan's Nyal prospect in February. It estimated at the time the deposit's recoverable resources at about 176 million barrels of oil. The Nyal-1 well is the first of four to be drilled this year at Block 5B, Lundin said today in a statement. The next two wells will be drilled in a swamp, while Nyal-1 was drilled on dry land.
``No oil shows were recorded,'' the company said in the statement. It encountered ``minor gas shows.'' All the samples and data from the drilling will be ``analyzed and studied in further detail,'' Lundin said.
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