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Ophir Energy drills second disappointing well offshore Gabon

Reuters - UK Focus

(Adds shares, background)

LONDON, May 27 (Reuters) - London-listed oil explorer Ophir Energy said it had not discovered any significant volumes of oil and gas at its Affanga Deep-1 well offshore Gabon, the company's second disappointing well in the area in as many months.

The news sent shares in Ophir Energy (Other OTC: OPGYF - news) down 6 percent on Tuesday to 245.2 pence at 0733 GMT, making it the biggest loser on the FTSE 250 index.

The Africa-focused company said it had encountered thinner than expected sandstone sections that did not contain significant volumes of hydrocarbons.

Ophir Energy said the drilling rig deployed at the site will now move to spud its Okala-1 well, also located off the coast of Gabon, which will take approximately 40 days to drill.

Tuesday's announcement follows news in March that its Padouck Deep-1 well offshore Gabon was a dry hole.

(Reporting by Karolin Schaps; Editing by Li-mei Hoang)