Cormorant-1 comes up dry

PANCONTINENTAL Oil and Gas has announced its highly anticipated Cormorant-1 well in offshore Namibia has come up dry, pushing the share price down more than 57% this morning. 

Cormorant-1 comes up dry Cormorant-1 comes up dry Cormorant-1 comes up dry Cormorant-1 comes up dry Cormorant-1 comes up dry

Namibia's Cormorant -1 comes up dry

Cormorant-1 was classed as one of the world's 20 most watched wells this year by Wood Mackenzie due to its potential recoverable reserves of 124 million barrels.