ConocoPhillips said Tuesday that it drilled dry at its Kamoxi-1 exploration well in offshore Angola.
The well is located in Block 36 in the Kwanza Basin and was drilled to a total depth of 2,660 feet.
The well will be plugged and abandoned as a dry hole.
An after-tax charge of $140 million net to ConocoPhillips will be recorded to dry hole expense in the fourth quarter of 2014 that included estimated costs through November 2014.
“Although the Kamoxi well results were disappointing, we continue to see potential for this subsalt Angola play,” Senior VP of exploration Larry Archibald said.
After Kamoxi is plugged Houston-based ConocoPhillips will spud a well on adjacent Block 37 that will be the second wildcat in in its four well exploration program in the Kwanza Basin.