British-based oil firm Afren Plc failed to find oil at its Nunya-1x exploration well in the Keta block offshore Ghana, the company confirmed in a statement April 25, 2012.
Even though the well encountered thick and high quality water bearing reservoirs, Afren described the well result as “disappointing”.
“Whilst the Nunya-1x exploration well result is disappointing, it was the first well to test the Upper Cretaceous play on the Keta block,” said Afren’s Chief Executive Osman Shahenshah.
The well intersected 153 metres of very good quality sandstone reservoirs, however, they were interpreted as water bearing, the company indicated.
The company stated it will use the well data to calibrate and further enhance its “understanding of this under-explored block in what still remains a very high potential basin”.
Meanwhile, a Reuters news report says shares in Afren has lost more than 6%, making it the biggest loser on Britain’s mid-cap index, after the exploration well drilled on the Keta block off the coast of Ghana failed to find oil.
Afren has a 35% carried interest in the Keta Block and is partnered by operator Eni (35% ), Mitsui (20%) and GNPC (10%).