Oil and gas company Range Resources saw its shares plunged over 21 per cent on Monday after the Shabeel North well currently being drilled in Puntland, Somalia, by the company's joint venture Operator, Horn Petroleum, drilled without any traces of oil.
The firms' current plan is to drill ahead to the originally planned depth of around 2,400 metres, which will penetrate the remaining section of Jesomma sands, at which point the entire section will be evaluated by electrical logging to determine if further testing is warranted.
The share price plunged 21.12% to 5.23p, extending losses over the past year to 68%, equal to 11p.
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
NR
-
Annual UK rent jumps £3,240 since Covid, says ZooplaZoopla finds rental costs have risen 27% since 2021, with rental costs far outstripping wages over that period
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
