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(Sharecast News) - Clontarf Energy announced completion of the Sasanof-1 exploration well on Tuesday, 207 kilometres north west of Onslow in Western Australia.
The AIM-traded firm said the operator, Western Gas (WGC), said the well was drilled by the Valaris MS-1 semi-submersible without incident.
It said the rig had "de-mobilised" from the location, and had departed exploration permit WA-519-P on 12 June.
The well was plugged and permanently abandoned, with the wellhead infrastructure removed.
Clontarf said the well was drilled to a total depth of 2,390 metres on 5 June, and intersected the Lower Barrow Group target sands at a depth of 2252.9 metres - just 3.9 metres below the pre-drill prediction.
A preliminary evaluation indicated 40 metres of net sand was encountered, although logs confirmed that the sands contained water, and no commercial hydrocarbons were detected.
Initial technical analysis indicated that the expected western seal of the targeted stratigraphic trap was breached, allowing migration of gas out of the prospect.
As planned, the well cost less than $25m, with a duration of 25 days.
"Sasanof was drilled on time, on budget and without incident, which is testament to the hard work and focus of our team, contractors and world-class service providers," said chairman David Horgan.
"We also acknowledge the support of our joint venture participants - Western Gas, Global Oil and Gas, and Prominence Energy.
"Clontarf will retain its 10% interest in the WA-519-P block and will work with its joint venture partners in further evaluating the remaining exploration targets within the field, with a view to commence targeted farm-out discussions."
Horgan said that, while Sasanof-1 did not intersect commercial hydrocarbons, the company had shown that a "consortium of juniors" could identify, work-up, fund and drill a high potential gas well in over a kilometre of water depth.
"The partners will review deeper targets on this Block, utilising the Sasanof-1 well data, to progress new prospects through targeted farm-out discussions.
"Recent geopolitical events show the need for Europe and Asia to secure additional liquefied natural gas supplies.
"This requires exploration and development of additional gas reserves in reliable locations."
At 1504 BST, shares in Clontarf Energy were down 3.29% at 0.08p.
Reporting by Josh White at Sharecast.com.
