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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