Canadian oil and gas exploration outfit Bankers Petroleum has suspended drilling on its Ardenica exploration well in block F in Albania after it came up dry.
Drilling reached a total depth of 2,030 metres on April 11th. Subsequent petro-physical and drilling data indicates that the well penetrated several thick porous sands but did not encounter any hydrocarbon shows that would merit testing.
The company will study the well and seismic data to further evaluate and upgrade several other prospects mapped on the 185,000 acre block.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
JH
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
