AU's Prominence Energy slumps on subdued drilling result in Bowsprit Louisiana

Prominence Energy

28/10/2021 06:24

** Shares of oil and gas explorer Prominence Energy  PRM.AX 
slide as much as 36.4% at A$0.007, headed for their biggest
one-day pct fall since Dec. 2020 
  ** Co says it has not found any commercial volumes of
hydrocarbons in the Bowsprit-1 well dug out in the vertical
section in Louisiana, USA  urn:newsml:reuters.com:*:nGLF60Mm8y
  ** Adds that the well will be suspended for future re-entry 
to drill a horizontal section in search of oil 
  ** Says PRM will actively seek new oil and gas assets or green
hydrogen projects
  ** Co intends to drill Bowsprit-1 well and put it on
production next year  
  ** Stock at its lowest level since Jan. 8   
  ** Stock marks its busiest trading day since its IPO in Jan.
1992 : around 105.8 mln shares change hands, nearly eight times
the 30-day average of 13.4 mln shares
  ** As of last close, stock down 57.1% so far this year

 (Reporting by Roushni Nair in Bengluru)
 ((Roushni.Nair@thomsonreuters.com;))