Today's Oil and Gas News: Shell, Bowleven, and Desire Petroleum
Royal Dutch Shell dropped 8 pence to 2,319 pence after admitting the "containment dome" aboard the Arctic Challenger barge had been damaged while conducting tests for the FTSE 100 (UKX) group off the coast of Alaska. Shell confirmed the time required to repair the dome, along with "steps to protect local whaling operations," will prevent any oil drilling in the area this year.
Elsewhere, Bowleven dropped 2 pence to 77 pence after providing shareholders with an update on its progress. In particular, the AIM-traded explorer said drilling operations had commenced on the IM-5 appraisal/development well on block MLHP-7 off the coast of Cameroon. Bowleven also said its objectives were to determine the reservoir and fluid properties of the Middle Isongo sands and explore the potential of the Intra Isongo reservoir sands.
Finally, Desire Petroleum climbed 0.25 pence to 25.5 pence after publishing half-year results that showed a $2 million loss and cash in the bank at $13 million. Desire emphasized the 14/15a wells off the Falkland Islands may hold 85 million barrels of oil and 178 billion cubic feet of gas, while reminding investors that its Elaine and Isobel prospects could carry oil resources 312 million barrels.
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The article Today's Oil and Gas News: Shell, Bowleven, and Desire Petroleum originally appeared on Fool.com.Maynard Paton does not own any share mentioned in this article. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
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