Europa Oil and Gas dig hole to nowhere in Romania
Europa Oil and Gas has seen its share price plummet in morning trading following the announcement that drilling at its Horodnic-1 exploration well in northern Romania has been a failure.
Europa Oil and Gas has seen its share price plummet in morning trading following the announcement that drilling at its Horodnic-1 exploration well in northern Romania has been a failure.
It says of the operation, which cost Europa £720,000, that "no potentially commercial hydrocarbon bearing interval was found."
In oil exploration, failures are simply part of the game, although Afren has had a particularly rough time this year, falling 76% from its peak share price in February.
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At 1132am Europa's shares were down 27% on the open.
BS
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