Shares in joint venture partners Range Resources and Red Emperor Resources slipped on Friday morning despite the announcement that its Shabeel North well in Puntland, Somalia, is on track.
The well, which was spudded initially at the start of the month, is currently at a depth of 984m; it is targeting a total depth of 2,400m.
"Drilling operations have progressed smoothly since spudding and remain on track to reach target depth on time and on budget," the companies said.
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
Shabeel North, the second well in the current drilling campaign, is operated by Canadian group Horn Petroleum which owns a 60% interest. Range and Red Emperor have a 20% stake each.
The well is targeting Upper Cretaceous Jesomma sands which had "good" oil and gas shows in the first well, Shabeel-1, 3.5km south of the current well.
Red Emperor's shares fell 2.82% in early trading, while Range Resources dropped 3.27%.
BC
-
Who is the richest person in the world?The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
