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.
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
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
