Range Resources, the oil and gas explorer, has dropped 3% this morning following the announcement it is yet to reach its target depth at its Albrecht appraisal well in Texas.
Currently the dig is at 9,150ft, while the target is 14,500ft.
In the same update Range announced that 15.5m Australian dollars have been raised after outstanding share options (both listed and directors) were exercised at the end of 2011.
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
Range Resources' shares are 0.27% ahead of where they were at this time last year, after a roller-coaster 2011 in which the stock gained 160% on news of new finds before retreating back again.
BS
-
Newspaper baron David Montgomery to bid for The TelegraphVeteran media mogul David Montgomery has seen off a bid for his media group National World. But he now has his eye on The Telegraph
-
Live: Did UK inflation rise in December? What to expect from tomorrow’s reportDecember’s inflation report will be published at 7.00am tomorrow. The team at MoneyWeek is reporting live.
