Gulfsands Petroleum, an oil and gas company, has said it has been advised by ADX Energy, the operator of the Chorbane licence in Tunisia, that despite good flow rates from the two reservoir zones, the fluids did not contain any oil.
Following the drilling out of the safety plug within the previously suspended well, two separate intervals within the Bireno Formation have been perforated and flow tested. The initial interpretation from the well site is that the recovered fluid is a mixture of spent acid, drilling mud filtrate and formation water.
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
-
House prices rising fastest in areas with highest crime rates – where does your area rank?Property prices are higher in safer areas but growing more slowly than in places benefiting from gentrification and buy-to-lets
-
State pension age review launched – could it rise faster in future?The government has announced a review of the state pension age, after it warned of a “retirement crisis” and revived the Pensions Commission to boost pension savings
