Shares in Woodside joint venture partner Global Petroleum Ltd plumetted 40 per cent today after a decision not to drill for oil in the remaining viable tenement.
Shares were trading at 19.5c at close of trade today, down from a high of 32 cents this morning.
The joint venture, managed by Woodside Energy (Kenya) Pty Ltd, and also comprising Repsol Exploration and Dana Petroleum, suffered a blow on Tuesday when the project's adjoining tenement was confirmed as a duster - without hydrocarbons - compelling the company to abandon the well.
According to a Global Petroleum announcement, costs associated with the company's 20 per cent stake in the JV were carried for all activities through drilling in each of these areas.
The cost of drilling wells on both projects was around $120 million, Woodside said in November.
The JV will make a decision on the next phase of exploration after a comprehensive technical assessment is made, which it expects to complete over the next three to six months.
