5th Nov 2014 08:12
LONDON (Alliance News) - San Leon Energy PLC shares plummeted on Wednesday after it announced the Kety exploration well in Poland has been plugged and abandoned after the gas discovered was deemed non-commercial.
San Leon shares were down 19.1% to 1.70 pence per share Wednesday morning.
The well was drilled to a total depth of 705 metres, and the company completed open-hole well testing at three intervals, costing around EUR150,000, which only produced minor gas, said the company in a statement.
The rig used on the Kety well will now be moved to the second well of the company's three well drilling programme. The second well is the Gieraltowice prospect in Karpaty, targeting 4 billion cubic feet of gas in two target reservoirs, said San Leon.
""The sub-commercial gas in the Kety well is disappointing, although the presence of sandstones - the potential absence of which was a major pre-drill risk - is encouraging for other future wells in the area. We look forward to the results of the remaining wells in the drilling programme, whose chances of success will be unaffected by the Kety well," said Executive Chairman Oisin Fanning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLE.L