Advertisement

Wessex terminates drilling after well fails to show hydrocarbons

Wessex Exploration, an AIM-listed oil and gas company, has announced the conclusion of drilling activities on the GM-ES-3 well in French Guiana after no indications of hydrocarbons were found.

Wessex Exploration, an AIM-listed oil and gas company, has announced the conclusion of drilling activities on the GM-ES-3 well in French Guiana after no indications of hydrocarbons were found.

The well, which was drilled to a depth of 6,318 metres, is now being plugged and abandoned and the drill rig, Stena ICEMax, will move onto GM-ES-4 exploratory well, which is designed to test a different fan system to the previous three wells drilled by the joint venture. The well is expected to be drilled in early May.

Advertisement - Article continues below

GM-ES-4 is the third well of a four well exploration drilling campaign that commenced in 2012 to follow up the oil discovery at GM-ES-1 in 2011.

Malcolm Butler, Chairman of Wessex said: "We look forward to drilling GM-ES-4 on the separate, Cebus fan and continue our programme of delineating potential new prospects through the interpretation of 3-D seismic data on the Central Area."

The share price plunged 18.64% to 1.20p by 09:00 on Tuesday.

NR

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020