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
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
