It was the first chance investors had to trade in MEC Resources’ shares since the company revealed last week the drilling project had failed to find gas.

Trading resumed after being halted over the Christmas break and until the drilling project’s final result was made public.

MEC Resources has a major shareholding in Advent Energy, which conducted the drilling operation through its subsidiary company Asset Energy.

Advent said in a statement that the drilling operation, which began on December 14, had been completed.

The Ocean Patriot rig would be towed away from Newcastle and handed to the next operator by Friday.

The statement reconfirmed the company had plans to drill a second well, which would require a new government approval.

Despite failing to find gas, the company tried to put a positive spin on the project.

It said it had discovered a ‘‘significant volume of valuable and new information’’ that confirmed its belief that its offshore permit area, from Newcastle to Wollongong, contained gas.

But the market took a different outlook, with MEC Resources’ shares falling by more than 50per cent in early trading.

By the day’s end, more than 8.4million shares were traded and the stock fell 55per cent from 69¢ to 31¢.

The shares doubled from about 50¢ to $1 from October to December as speculation mounted about the company’s prospects and government approval was obtained to drill.

The drilling project cost about $20million, which investors had hoped would lead to a multibillion-dollar gas extraction industry with domestic sales and exports.

‘‘Further evaluation work will now be carried out on all aspects of the data obtained from drilling,’’ the company’s statement said.