Oil and gas company Range Resources saw its shares plunge over 21 per cent on Monday after the Shabeel North well, currently being drilled in Puntland, Somalia, by the company's joint venture Operator, Horn Petroleum, drilled without any traces of oil.
The firms' current plan is to drill ahead to the originally planned depth of around 2,400 metres, which will penetrate the remaining section of Jesomma sands, at which point the entire section will be evaluated by electrical logging to determine if further testing is warranted.
The share price plunged 21.12% to 5.23p, extending losses over the past year to 68%, equal to 11p.
Shares in dual-listed oil and gas exploration company Range Resources rose sharply on Wednesday morning after the company reported that probable reserves of 2.3m barrels of oil had been independently estimated at its Atzam site in Guatamala. [20 Feb '13]
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