Rex International shares fall on suspension of first exploration well in Oman
Published on Dec 26, 2013 4:30 PM
Shares of Swedish oil exploration company Rex International fell today on news that a joint-venture unit has suspended its first exploration well in Oman for safety reasons.
At 430pm, the company's shares declined six cents or 9.4 per cent to 58 cents.
The company announced to the Singapore Exchange late on Tuesday that drilling at the exploration well located in Block 50 Oman had to stop due to mud losses, which posed risks of a blowout.
The well was drilled to a total depth of about 1,000 metres below mean sea level, preventing it from reaching a deeper planned target depth.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here