Ophir Energy (OPHR) shares may have been benefited from a rising oil price over the last month, but the group’s confirmation today that two exploration wells offshore Tanzania failed to find oil underlines how the speculative nature of the industry swings both ways.
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Joint venture partner and operator Royal Dutch Shell (RDSB) concluded that neither Kitatange-1 in Block 1 and Bunju-1 in Block 4 contained hydrocarbons, and has now demobilised the rig.
