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.
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
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocketThe Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
