The first well drilled by UK independent Ophir Energy in the Ntsina Block, offshore Gabon, failed to find commercial volumes of hydrocarbons, the firm said Wednesday. Shares in Ophir dropped as much as 21% on the London Stock Exchange before rebounding to be down 15% in afternoon trading. Padouck Deep-1 was not only the largest well in Ophir's 2014 drilling program; it was also one of the highest potential wells across the E&P sector, according to Deutsche Bank analysts. "While the deepwater and frontier characteristics of the well presented a higherrisk profile and were well flagged by management, this is a disappointing result," the analysts said.
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