Advertisement

Wessex well spudded off French Guyana

Wessex rose on Thursday after it said drilling had started at a well off the coast of French Guiana in which it has a small stake.

Wessex rose on Thursday after it said drilling had started at a well off the coast of French Guiana in which it has a small stake.

The firm said the GM-ES-3 well was spudded by operator Shell on 29th December.

Wessex, through holding 50% of Northpet Investments, owns a net 1.25% interest in the offshore exploration licence 'Guyane Maritime'.

Advertisement - Article continues below

Wessex's chief partners are Shell, which owns 45%, Tullow with 27.5%, and Total with 25%.

Chairman Malcolm Butler said this was the second well in the four well programme to assess the potential of the deep waters offshore French Guiana as a new oil province.

Wessex's shares were up 5% by 1500 following the announcement.

MM

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
The end of the bond bull market and the return of inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
How can markets hit new record highs when the economy is in such a mess?
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020