Bayfield to start drilling in Trinidad, leaving Russia

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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.

NR