Wessex terminates drilling after well fails to show hydrocarbons

Wessex Exploration, an AIM-listed oil and gas company, has announced the conclusion of drilling activities on the GM-ES-3 well in French Guiana after no indications of hydrocarbons were found.

Wessex Exploration, an AIM-listed oil and gas company, has announced the conclusion of drilling activities on the GM-ES-3 well in French Guiana after no indications of hydrocarbons were found.

The well, which was drilled to a depth of 6,318 metres, is now being plugged and abandoned and the drill rig, Stena ICEMax, will move onto GM-ES-4 exploratory well, which is designed to test a different fan system to the previous three wells drilled by the joint venture. The well is expected to be drilled in early May.

GM-ES-4 is the third well of a four well exploration drilling campaign that commenced in 2012 to follow up the oil discovery at GM-ES-1 in 2011.

Malcolm Butler, Chairman of Wessex said: "We look forward to drilling GM-ES-4 on the separate, Cebus fan and continue our programme of delineating potential new prospects through the interpretation of 3-D seismic data on the Central Area."

The share price plunged 18.64% to 1.20p by 09:00 on Tuesday.

NR

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