Shares in Red Emperor Resources took a hit on Tuesday after the company requested a temporary suspension of trading in its shares on AIM ahead of an announcement relating to drilling on its Shabeel North well.
The firm's shares are currently already in a trading halt on the ASX index.
At the end of July the company said that drilling on the well, which is in Puntland, Somalia, would be drilled deeper to 3,400m over a period of 15-20 days in an attempt to discover oil at lower levels.
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Previous testing of upper levels had only confirmed water and no oil.
The share price fell 8.65% to 7.92p by 09:17.
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