The Hongge-1 exploration well was drilled to a depth of 3900 metres and confirmed the presence of a petroleum system with a significant gas column within the primary target.
However, Woodside said Thursday a high percentage of inert gas in the hydrocarbon column had resulted in a non-commercial discovery.
Hongge-1, estimated to hold between 100 million and 400 million barrels of oil equivalent prior to drilling, was drilled in Block 8/6-1N and was targeting oil and gas in the Ulleung basin .
Woodside
