Shares in Ophir Energy (OPHR) tumbled by over a fifth after the Africa-focused oil explorer announced its frontier Padouck Deep well offshore Gabon was unsuccessful. This is the second exploration failure on the trot for Ophir following the fruitless Mlinzi Mbali-1 well in January.
Padouck Deep was one of the company's highest potential, but highest-risk, wells scheduled in 2014. Chief executive Nick Cooper admitted the result was "disappointing" but said "its failure appears to be prospect-specific and does not dampen our enthusiasm for the broader pre-salt play offshore Gabon".
The company plans to immediately begin drilling the next well in the sequence, Affanga Deep, which is testing a geologically independent play nearby. This will be followed by the Okala pre-salt prospect on another separate block. Further exploration wells are also planned offshore Tanzania later in the first half.
