Genel Energy's part-owned well disappoints

The Dilolo-1 exploration well, in which Genel Energy has a 7.5% working interest, has failed to encounter hydrocarbons.

Consequently, the well, which is located on block 39 offshore Angola, will be plugged and abandoned.

"Although further studies are needed in order to fully understand the results, the well has provided a useful calibration for other prospects on block 39," Genel said.

The drill will now move to block 38, in which Genel also has a 7.5% working interest, to start drilling on the Jacaré-1 exploration well.

The share price had dropped 0.87% to 850p by 14:07.

NR