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Better get your story straight: Murphy Oil (MUR) says an exploration well drilled in the Browse...

Better get your story straight: Murphy Oil (MUR) says an exploration well drilled in the Browse basin off Western Australia will be plugged and abandoned after failing to find commercial amounts of gas, and expects to expense the well in Q2. Australian partner Santos (STOSF.PK) had said a few hours earlier that it considered the well a discovery. Total (TOT) holds a 50% interest in the well, Santos 30%, MUR 20%.
Comments (1)
  • You're not going to believe the more conservative of the two news releases?
    Have to laugh that you would assume that the company trying to tout the find for self-serving reasons is right, and the better-established exploration firm that discounts the result is suddenly clueless. Total (the operator) may not even issue their own press release, because this dry hole is small potatoes for them.
    If you're going to report on oil exploration, here's something worth remembering: 20 feet of pay ain't diddly.
    Now, if they had found 200 ft, that would be something.
    9 Jun 2013, 02:30 AM Reply Like
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