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Ophir Drops as Tanzanian Well Shows Less Gas Than Expected

Aug. 2 (Bloomberg) -- Ophir Energy Plc, a U.K. explorer in Africa, fell the most in almost 10 months in London trading after a Tanzanian well showed less natural gas than expected.

The shares plunged 10 percent to close at 522 pence, the biggest one-day decline since Oct. 4.

Ophir found 500 billion to 2 trillion cubic feet of gas resources at the Papa-1 well, it said today in a statement. With partner BG Group Plc, Ophir had targeted 3.1 trillion cubic feet to justify developing a two-unit liquefied natural gas plant, Chief Executive Officer Nick Cooper said in June.

“This is a relatively poor result,” Stuart Joyner, head of oil and gas analysis at Investec Bank Plc, said in an e-mailed report. He downgraded London-based Ophir to hold from buy on July 31.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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