26th Jun 2014 08:25
LONDON (Alliance News) - Ophir Energy PLC Thursday said it has concluded drilling operations on the Okala-1 well in the Mbeli Block offshore Gabon, but failed to find any significant oil.
The Africa-focused oil and gas exploration company said its 50%-owned Okala-1 well failed to show any significant hydrocarbon in the target reservoirs.
"Okala marks the end of Ophir's 2014 exploration campaign in Gabon. Initial analysis indicates that the well failed due to either source and/or charge issues at this location," said Chief Executive Officer Nick Cooper in a statement.
The company said it will now use the information gleaned from the 2014 programme to "refine its understanding" of the sub-salt basin architecture and source distribution, and to direct future exploration activity on the blocks.
Ophir said its share of the Okala-1 well costs was partially covered by carries from the company's joint venture partners.
Ophr Energy said the Titanium Explorer drillship will now move to Equatorial Guinea for a three-well programme designed to enlarge and de-risk the resource base in Block R.
"At least a further 5 well results are expected from drilling in Equatorial Guinea and Tanzania by October," said Cooper.
Shares in the company were down 4.5% at 229.74 pence per share Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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