- Shares in oil and gas company i3 Energy tumbled 45% after a pilot well at its Liberator Field in the North Sea failed to find a planned geological target.

The company said the 13/23c-9 pilot well had been drilled to its total depth of 5,818 feet in the Valhall formation.

It was drilled to enable a future development well to be positioned at an optimal location in the 'upper Captain sands channel' in the south-eastern area of the Liberator field.

'Preliminary petrophysical information obtained from the measurement-while-drilling tools indicate that the targeted upper Captain sand has not been penetrated,' the company said.

The information also indicated that the target sand was 'pinched out' at the well's location.

Further well data was required to interpret and locate the key reservoir upper Captain channel edge, i# said. At 1:59pm: (LON:I3E) I3 Energy Plc Ord 0.01p share price was -25.05p at 30.75p

Story provided by