Bayfield Energy has announced that its appraisal drilling programme in Trinidad will begin on Friday 27th.
However, the firm also said it has decided to exit Russia as a recently conducted seismic survey revealed disappointing results in the country. The company has surrendered its Karalatsky licence after it was decided that the prospects would not "justify further investment in an exploration well." The decision has resulted in a $3.5m write-down.
In Trinidad the drilling programme is set to evaluate reservious which have previously been encountered in other wells which tested as much as 1,000 barrels of oil per day.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Once the drilling is complete the rig will be moved to a second well in the programme, with a third well expected to be drilled later this year.
The share price fell 0.99% to 50.00p by 13:40.
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
By Vaishali Varu Published
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
By Ruth Emery Published