Dana, Global Petroleum down on Kenya failure

Dana, Global Petroleum down on Kenya failure

Oil and gas explorer Dana Petroleum fell to a six month low today after it said the Pomboo-1 exploration well in Block L-5 of the Lamu Basin, offshore Kenya has been plugged and abandoned after failing to find hydrocarbons.

The Scotland-based group said the well, which had been drilled to a total depth of 4,887 metres, had encountered in excess of 200 metres of moderate to good quality reservoir sandstones.

But while the presence of significant reservoir sands was encouraging, hydrocarbons were not encountered, it added.

Dana will now fully evaluate the detailed information acquired from the well, including rock samples and pressure data, before agreeing the most appropriate forward plan for the block.

The company has a 30% working interest in the block, the same as Woodside Energy (Kenya), while Repsol Exploracion and Global Petroleum both have a 20% interest.

Source: www.sharecast.com

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