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.
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
-
Premium Bonds winners announced – did you scoop the September jackpot?NS&I has announced the winners for September’s Premium Bonds prize draw, with two lucky savers becoming overnight millionaires. Did you win this month?
-
What is the 25x retirement rule and does it work?The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
