19th Mar 2014 09:05
LONDON (Alliance News) - Ophir Energy PLC Wednesday said it has failed to find significant hydrocarbons in targeted reservoirs through drilling at the Padouck Deep-1 well in the Ntsina Block, offshore Gabon.
The FTSE 250 oil and gas exploration and production company said drilling at the site has now concluded. The well was drilled to 3,297 metres, targeting the Cretaceous Gamba and Coniquet/Dentale sands in the pre-salt section of the earth.
The company said thicker than expected, good quality reservoir sands were encountered in both zones but there were no significant hydrocarbon shows in the targeted areas.
However, Ophir said minor shows were interpreted at shallower intervals, which the company said provides evidence of a working hydrocarbon system in the offshore North Gabon Basin.
The company added that log responses in the deeper pre-salt are similar to those observed onshore and full analysis and interpretation of log data is ongoing.
The company is currently increasing its operating interest in the Ntsina Block to 50% from 40% subject to certain government approvals.
Ophir said its drilling rig will now move to the Gnondo Block to drill the Affanga Deep prospect which it said has the potential to hold mean recoverable resources of 170 million barrels and to derisk several follow on prospects which could provide the basis for a hub development.
"The Padouck Deep-1 result is disappointing but its failure appears to be prospect-specific and does not dampen our enthusiasm for the broader pre-salt play offshore Gabon," Chief Executive Nick Cooper said in a statement.
Ophir shares were down 20% to 236.60 pence, making it the biggest FTSE 250 faller in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
OPHR.L