Oil giant ConocoPhillips has abandoned a dry hole in the Kamoxi-1 exploration well in Block 35 offshore Angola.
The company has earmarked an after tax charge of $140million as a dry hole expense in the fourth quarter of 2014.
The well, in the Kwanza Basin, had been drilled to a total depth of 22,600 feet.
Larry Archibald, senior vice president of exploration, said: “”Although the Kamoxi well results were disappointing, we continue to see potential for this subsalt Angola play.
“After plugging Kamoxi, we will spud a well on adjacent Block 37, which will be the second wildcat in our planned four well exploration program in the Kwanza Basin.
“We are also actively pursuing a wide range of other global exploration opportunities, including follow-up to the promising and recently announced FAN-1 well located offshore Senegal.
“A second wildcat in Senegal has commenced and additional drilling activity in Senegal is being contemplated for late 2015 or 2016.”
Last month the company saw its net income increase to $2.7billion, with share price rising to $2.17 from $2 in the previous period.
In September Statoil abandoned a wild cat, located in the Kwanza Basin, after it failed to return any viable hydrocarbons.
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