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.
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
Previous testing of upper levels had only confirmed water and no oil.
The share price fell 8.65% to 7.92p by 09:17.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
