Salamander Energy announced it has abandoned a well off the coast of Thailand after concluding it wasn't good enough to be commercialised.
The independent upstream oil and gas exploration firm said the sand-rich section of its NW-1 well had led to leakage.
This means the well in the Gulf of Thailand is to be plugged and abandoned as a sub-commercial oil discovery.
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
James Menzies, Chief Executive, said although it was a relatively small target, the NW-1 exploration result was disappointing.
Shares were off 2.8% in initial trading following the announcement.
MM
-
Rents rise at slowest pace for four years – is buy-to-let still worth it?Slowing rental growth and higher property taxes are creating a headache for landlords. Does buy-to-let still offer a good yield?
-
Should you bag a bargain with a half-price investment trust?Twenty-six investment trusts look cheap by historic standards, with some trading at a discount of more than 50%. Are they a bargain or value trap?
