Nostrum plunges after well disappointment; Man down as it reports massive outflows
Disappointing news relating to well 41 in the pre-Caspian Basin lopped a third off the share price of Nostrum Oil & Gas PLC (LON:NOG).
The shares plunged to 7p after the company said extensive testing on well 41 in the Frasnian reservoir has so far been unable to sustain a commercial flow of hydrocarbons from the well.
The company will now consider whether there are alternative approaches it can take to perforate other reservoirs and is not expecting any production from this well in 2019.
Man down! Man down!