Tethys abandons well and shares drop
Tethys, an oil and gas exploration and production company focused on Central Asia, said it had suspended operations at one of its wells, causing shares to fall sharply.
Tethys, an oil and gas exploration and production company focused on Central Asia, said it had suspended operations at one of its wells, causing shares to fall sharply.
The firm said testing had now been temporarily suspended at its AKD07 well while further options were being evaluated, one of which is to bring in a pump to lift the well.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
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
"Further extraction of formation fluids is required to fully ascertain the oil potential of the Jurassic
carbonate potentially requiring pumping and/or acidisation."
However, Tethys added that as there was no pump available there were no immediate plans for such testing.
The company's shares fell 10.6% following the news.
MM
-
Financial education: how to teach children about moneyFinancial education was added to the national curriculum more than a decade ago, but it doesn’t seem to have done much good. It’s time to take back control
-
Investing in Taiwan: profit from the rise of Asia’s Silicon ValleyTaiwan has become a technology manufacturing powerhouse. Smart investors should buy in now, says Matthew Partridge
