"The Ibis Deep well did not deliver the resources we anticipated because the sands we had hoped to find were not present after all. But we remain confident that the prospectivity of the deep shelf should not be written off," Riley said.
BPTT abandoned drilling of Ibis Deep at end-August because of the lack of significant hydrocarbons-bearing structures in the target reservoir system.
The subsidiary took the decision after four months of drilling to a depth of 19,068ft (5,812m).
"We are ready to return to the deep shelf in the next few years with renewed vigor and we will do so with greater knowledge about the conditions we will encounter and the most effective way of dealing with them," he added.
Ibis Deep is in US oil company EOG Resources' (NYSE: EOG) licensed acreage in the South East Coast Consortium (SECC) block. BPTT operated the venture on behalf of SECC partners.
The well was the deepest exploratory well ever drilled in Trinidad & Tobago and cost some US$80mn.
BPTT expects to resume its exploration program in 2008.
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