Shares in Canadian Overseas Petroleum Ltd dive on Mesurado-1 news

Shares in Canadian Overseas Petroleum Ltd (COPL) tanked more than three-quarters of their value on news the Mesurado-1 well in Liberia is to be plugged and abandoned.

It said the offshore Mesurado-1 well -- operated by ExxonMobil Exploration and Production Liberia Ltd -- reached final total depth on 17 December. It is on block LB-13.

COPL subsidiary Canadian Overseas Petroleum (Bermuda) Ltd holds a 17% interest.

"The well, targeting oil in a sequence of Late Cretaceous Santonian aged sands, intersected 145 meters (475 feet) of net sand of which 118 meters (387 feet) was deemed to be reservoir quality," COPL said in a statement.

"No hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals," it added.

"As such the operator has advised the company that no further logging operations will be conducted and the well will be plugged and abandoned."

COPL's chief executive, Arthur Millholland, noted that the company holds an attractive oil appraisal and development project offshore Nigeria on OPL 226.

"Appriasal drilling operations are planned to commence in late 2017. These operations will continue to add value to the company," he said.

At about 10:51 GMT, shares in COPL were down 76.56% to 1.88p.