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.
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
At 1132am Europa's shares were down 27% on the open.
BS
-
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
