Ophir Energy plugs and abandons Soy Siam prospect well

(ShareCast News) - Ophir Energy has plugged and abandoned the G4/50-10 exploration well that was testing the Soy Siam prospect in Thailand after all reservoirs were dry and no hydrocarbon shows were encountered.The company noted that preliminary well analysis had suggested the structure had no access to charge, which was identified pre-drill as one of the risks.Ophir said the rig will now move to drill the Parichat South West prospect which is independent of Soy Siam as it is testing a different petroleum system.The Parichat complex is a cluster of four fault blocks located 30 km south of the Bualuang field that have potentially been charged from deeper in the South Western Sub-Basin. Each fault block has multiple stacked, Miocene and Oligocene reservoir targets.The South West fault block is the initial target with a mean prospective resource of 25 million barrels of oil and a 32% chance of success. If successful, the Parichat South East fault block would form an immediate follow on location, the company said.At 0825 GMT, shares were down 0.3% at 95.65p.