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LONDON, Dec 20 (Reuters) - British explorer Cairn Energy said a well in Morocco, the first in a series due todrilled off the coast of the North African country, failed tofind oil or gas.
Oil companies plan to step up drilling in Morocco, attractedby its stability relative to other parts of North Africa andencouraged by advances in geology and technology that indicateits potential for reserves offshore.
Cairn, whose partners in the well include Serica Energy and San Leon, said on Friday the Foum Draa-1wildcat well would be plugged and abandoned after failing tofind commercial quantities of hydrocarbons, although there wasevidence of gas.
Shares in Cairn fell 3 percent after the announcement, whileSerica traded 15 percent lower. San Leon shares were down 1.8percent.
Cairn said it would now look to drill a second well off thecoast of Morocco.
(Reporting by Sarah Young; editing by James Davey)
