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Serinus Energy PLC on Friday reported it completed drilling operations at the Canar-1 exploration well in Romania, but noted disappointing results.
Well logging and gas show readings determined that the zones drilled did not contain sufficient gas resources to justify the completion of the well programme, Serinus explained.
As a result, the well will now be suspended for potential future use as a water disposal well.
The company will now focus on drilling operations on the Moftinu Nord-1 well, also in Romania.
Serinus is a Jersey-based oil and gas company with operations focused in Romania and Tunisia.
Shares in the firm were down 24% at 10.20 pence on Friday morning in London.
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