OMV Petrom's Vinekh-1 exploration well in Bulgaria's Han Asparuh block of the Black Sea did not discover commercial hydrocarbons. The well, drilled to approximately 3,230 meters, encountered only non-significant natural gas shows and was deemed a dry hole.

Location and Context

The well is situated about 60 kilometers from the Domino gas field offshore Romania, which is part of the Neptun Deep project scheduled for 2027 production start. The operator, OMV Petrom, along with partners NewMed Energy and Bulgarian Energy Holding (BEH), is reviewing the drilling data to decide on potential additional testing.

Future Exploration Plans

The joint venture is proceeding with a second exploration well targeting the Krum prospect, which has a different geological structure from Vinekh. This well, planned to spud within the current quarter, will target different reservoirs and sands and is estimated to hold about 5.7 trillion cubic feet of potential resource. Drilling is expected to take approximately two months.

Recent Developments and Market Reaction

The news follows BEH's recent acquisition of a 10% stake in the Han Asparuh block. Following the announcement, NewMed Energy's stock price on the Tel Aviv Stock Exchange fell by 1.6%.