Kurdistan Well Devalues British Explorer
Source: Agencies |
June 14, 2011, Tuesday
|
Print Edition
Print Edition
BRITISH oil explorer Sterling Energy said the deeper parts of a key well in a region of Iraq failed to produce gas at commercial rates, wiping off a quarter of the company's stock market value.
The company said its Sangaw North-1 well in semi-autonomous Kurdistan did not produce hydrocarbons at commercial rates in the Jurassic Mus and Butmah and the Triassic Jurra China geological zones and it would move to test shallower parts of the well.
Shares in Sterling, which have fallen 69 percent in the last 12 months, during which the company experienced delays to its drilling in Kurdistan, tumbled 26.4 percent to 34 pence, their lowest level in more than two years.
Flow tests across two shallower parts of the well would now be conducted, said the company, adding that each test was expected to take three weeks.
The company said its Sangaw North-1 well in semi-autonomous Kurdistan did not produce hydrocarbons at commercial rates in the Jurassic Mus and Butmah and the Triassic Jurra China geological zones and it would move to test shallower parts of the well.
Shares in Sterling, which have fallen 69 percent in the last 12 months, during which the company experienced delays to its drilling in Kurdistan, tumbled 26.4 percent to 34 pence, their lowest level in more than two years.
Flow tests across two shallower parts of the well would now be conducted, said the company, adding that each test was expected to take three weeks.
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