Range Resources well yet to find out, shares dive

published 23 July 2012

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.