BG Group, a FTSE 100 oil and gas giant, has completed drilling at its appraisal well in the BM-S-11 concession, off-shore Brazil, where it encountered 'good quality' oil samples.
The results have confirmed an extension of the lara accumulation indicating the "high" potentional of the pre-salt reservoirs in that region, after the well encountered good quality oil.
The well is the third to be drilled in the area and is part of the fast-track programme to develop the pre-salt Santos Basin discoveries.
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
BG Group has a 25% interest in the BM-S-11 block.
Nevertheless, shares were down 1.34% at 1,402p by 14:06 on Tuesday, broadly in line with the wider oil and gas producing sector.
NR
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
