image sourced from original article at NewMed Energy has concluded its drilling at the Vinekh prospect in Bulgaria's Black Sea waters, reporting no significant signs of natural gas and declaring the site a dry hole. The unsuccessful outcome led to a notable drop in NewMed's share price.
The exploration project, conducted in partnership with an Austrian oil company and the Bulgarian government, is part of the Khan Aspro concession, which includes two main reservoirs. While Vinekh has proven unproductive, attention now shifts to the Krum reservoir, estimated to contain a substantial amount of natural gas. Drilling at Krum is expected to begin soon, with results anticipated within two months.
A successful discovery at Krum could have significant implications for Bulgaria and the wider European Union, given the region's high gas prices and demand. Despite the setback at Vinekh, NewMed remains a major player in regional energy exploration, with a strong market performance over recent years.
