Empyrean Energy said it will reassess all the drill data from its Jade prospect offshore China after the well log indicated no oil in the target reservoir.
The LH 17-2-1 well reached its final total depth of 2,849m this morning, said Empyrean, with final logs now running before demobilisation of the rig.
The wireline logs are not expected to change the initial interpretation of no oil pay seen on logging while drilling (LWD), the statement added.
Tom Kelly, Empyrean’s chief executive, said: "We are extremely disappointed with the results of the well, particularly after conducting a systematic and comprehensive technical analysis followed by running a safe drilling operation.
“We plan to conduct a thorough analysis of well log data before deciding the next step in Block 29/11.
“We would like to thank CNOOC for all their support, CNOOC EnerTech for managing a successful operation and COSL for conducting a safe drilling operation."
Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase.