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Oil company Petro Matad said it was planning to relinquish a block in Mongolia, having failed to discover any clear targets.
The decision on Block IV followed post well studies on the Wild Horse 1 well.
'The company has proposed to the government to relinquish the block with a view to potential partnering and re-licencing of its more prospective areas in the future,' Petro Matad said.
The company also said it was still progressing an exploration licence application for the XX block, with the process having taken longer than expected.
Petro Matad said it had not as yet suffered any material impact from Mongolian measures to curtail the spread of Covid-19.
'Our staff and contractors are working exceptionally hard in the highly unusual circumstances that the ongoing coronavirus pandemic has generated and the Company is very appreciative of their commitment and diligence,' chief executive Mike Buck said.
'We are monitoring the situation closely and are pleased to advise that there has been no significant impact on Petro Matad's operations, whilst we focus our efforts towards securing approvals and permits for the company's near-term work programme.'
At 9:34am: (LON:MATD) Petro Matad Ltd share price was -0.15p at 1.95p