Falkland Oil and Gas shares lost nearly a quarter of their value on Monday after the firm said drilling at the Loligo prospect was running five days behind schedule, largely as a result of having to run an additional string of casing in the top section of the well.
The firm added that no abnormal pressures were encountered and all operations have been conducted without issue.
The well has been drilled to a depth of 3,900 metres and is expected to reach total depth by Tuesday.
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
The share price fell 27% to 66.25p by 14:11.
NR
-
-
Pension withdrawals on the rise, HMRC data reveals
Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.
-
ONS: UK economy recovered from pandemic faster than previously thought
Revisions from the ONS showed the UK economy has grown since the pandemic, while the latest data showed GDP grew in the second quarter of 2023.
