Salamander strikes water not oil in Gulf of Thailand
There has been some disappointing news for oil explorer Salamander Energy at its dig in the Gulf of Thailand.
There has been some disappointing news for oil explorer Salamander Energy at its dig in the Gulf of Thailand.
Test results from the exploration are "conclusive", with analysis showing that water is present in the tested section; in other words the Far East-1 well cannot be used for production.
The well will now be plugged and abandoned, with the rig being prepared for release.
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 of Salamander, said: "Whilst this result is disappointing in isolation, we remain extremely excited by the exploration potential in (the) Greater Bualuang area.
He added: "We have started the tendering process to bring a rig to the area in 4Q [fourth quarter] 2012 to embark on an extensive exploration programme principally across the G4/50 licence."
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
