Shares in junior oil explorer FAR Ltd are plunging after a high-risk but high-potential exploration well off The Gambia in West Africa failed to deliver the hoped-for discovery.
The Bambo well, drilled to a depth of more than 3 kilometres, targeted a potential discovery of more than 1 billion barrels. But while signs of oil were detected during drilling “no live oil columns are present”, FAR said on Thursday.
