Salamander abandons Thai well
Salamander Energy announced it has abandoned a well off the coast of Thailand after concluding it wasn't good enough to be commercialised.
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Ofgem proposes new energy tariffs with low or no standing changes
Standing charges have invited public backlash as households battle high energy bills
By Katie Williams Published
-
Google shares bounce on Gemini 2.0 launch
Google has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
By Dan McEvoy Published