27th May 2014 07:48
LONDON (Alliance News) - Ophir Energy PLC said Tuesday that drilling at its Affanga Deep-1 well in the Gnodo Block of offshore Gabon had not found "significant" oil indications in its target rock formations.
Ophir has a 100% operated interest in the block.
Drilling at the well encountered thinner-than-expected sandstone sections with poor reservoir characteristics, Ophir said, although gas and liquid indications were encountered.
Cuttings from the drilling confirmed the presence of a oil-prone source rock from the Cenomanian age, Ophir said, which is potentially positive for the prospects of the wider Ogooué Delta area and Deepwater area to the west of the well. It is continuing analysis of the drilling log and cuttings.
It will now move the rig to the pre-sale Okala prospect on the Mbeli Block, a well it expects to take around 40 days to complete.
Shares in Ophir were trading down 5.7% at 245.39 pence Tuesday morning, making them the biggest faller in the FTSE 250.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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