French oil company Maurel et Prom said the exploration well Tioni-1 on Kouilou permit, whose main objective was the Vandji sandstone reservoir, was plugged and abandoned last Thursday, Feb 22.
Following the sale agreement signed with Eni SpA last week, Maurel et Prom's share in the Kouilou permit in Congo could decrease from 65 to 15 pct, it noted.
Maurel et Prom said last Thursday evening it will sell its stake in the operating licenses for the M'Boundi and Kouakouala oil fields in the Republic of Congo to Eni and will cut its stake in the exploration license for the Kouilou area from 65 pct to 15 pct for a cash total of 1.434 bln usd.
Burren Energy PLC, which owns the remaining 35 pct of the license, said drilling work will continue on the Kouilou field despite the disappointing results at Tioni-1.
'They have a pretty intensive exploration programme and they are not changing it. They still believe there's oil to be found (in Kouilou),' a Burren Energy spokesman said.
Around three more wells will be spudded to target the deeper Vandji reservoir, he said.
Tioni-1 is located 5 kilometres to the southwest of the shallow Loufika oil discovery, which the group announced in September last year.
Burren Energy is spending about 20 mln usd for its oil exploration projects in Congo.
Copyright AFX News Limited 2007. All rights reserved.
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