(Alliance News) - Prospex Oil & Gas PLC on Monday said no commercially recoverable hydrocarbons were found at the Bainet-2 well in Romania.
Shares in Prospex fell sharply in morning trade, dropping 26% to 0.14 pence.
The well, located in the exploration area of the EIV-1 Suceava concession, will be plugged and abandoned. Prospex owns a 50% non-operated interest in the concession, with the rest held by operator Raffles Energy Srl.
The well spudded June 25 and reached a 656 metre depth. Including the plugging and abandoning, the total well cost is expected to be around EUR520,000 of which EUR260,000 is net to Prospex.
"Clearly the result of the well is not what we were looking for," said Prospex Non-Executive Chair Bill Smith.
"We are also closely evaluating new projects with a view to adding a fourth leg to our portfolio, grow our pipeline of low cost drilling opportunities and in the process expose our shareholders to more potentially value triggering activity. While Bainet-2 would have been a welcome addition to our previous successes in Romania and Italy, there are plenty more opportunities both within and outside of our portfolio to go for and I look forward to providing further updates on our progress in due course," Smith added.
