The US independent had been hoping to unearth up to 120 million barrels of oil at the Trema-1 exploration well in the offshore Tilapia licence.
On Thursday the Houston-based player reported that the well had reached its target objective where it had earlier estimated it had a 38% chance of finding crude in Upper Oligocene turbidite sands.
However, it said on Thursday that it encountered "reservoir-quality sandstones that were water bearing" and, as a result, "the well is currently being plugged and abandoned".
"The
