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Ophir Energy slides after disappointment offshore Gabon

Published: 19:01 27 May 2014 AEST

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Ophir Energy (LON:OPHR) shares shed around 6% as the latest well result offshore Gabon disappointed.

The Affanga Deep-1 well was drilled to a depth of 4,240 metres and found thinner than expected sandstone intervals which had poor reservoir characteristics.

Gas and indications of liquids were encountered, but were not significant in the targeted formations.

The rig is now moving on to drill the Okala prospect, within the Mbeli Block. This programme is expected to last 40 days.

On the London Stock Exchange, Ophir shares were down 15p or 5.8% trading at 244.92p each.

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