Predator Oil & Gas Holdings PLC (LSE:PRD) shares traded down some 15% in Tuesday morning’s deals after its latest well data analysis for the MOU-4 well in Morocco.
Two of four prospects seen in initial drill results have been ruled out through wireline data analysis, with one lacking “structural closure” and another “impacted by poor borehole conditions”, according to a statement released today.
The exploration company now intends to advance to rigless testing of both the MOU-3 and MOU-4 wells in the coming weeks.
Predator also said its consultant sees around 43 metres of "likely" gas pay in its analysis of the MOU-3 well data.
"The MOU-4 well has confirmed the presence of the Moulouya Fan southeast of its previously mapped extent,” said executive chair Paul Griffiths.
He added: “We are pleased with our drilling results this year and look forward to an extensive rigless testing programme to help determine potential gas flow rates and gas volumes connected to the current inventory of wells."
In London, Predator shares were down 2p or 14.76%, changing hands at 11.72p each and valuing the exploration company at just over £49mln.