24th Feb 2015 08:18
LONDON (Alliance News) - Wentworth Resources Ltd shares fell at the open on Tuesday after the company said it has plugged and abandoned the Kifaru-1 well at the Rovuma concession in Mozambique.
Wentworth said the well encountered all targeted zones in the miocene, oligocene and eocene formations at the prospect but failed to find an economic reservoir.
"Whilst the results from this well did not meet our expectations, we are working with Anadarko and our partners to evaluate all data collected to determine the next steps in the exploration phase of the onshore Rovuma block," said Wentworth Managing Director Geoff Bury.
Shares in Wentworth were down 13% to 27.15 pence on Tuesday morning, one of the worst performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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