Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Disastrous news overnight from Noble Energy, the operator of the Humpback exploration well off the Falkland Islands, has sent shares in Falkland Oil & Gas (FOGL) crashing. Having hit target depth of 5,136meters, Noble’s drill encountered oil and gas, but in non-commercial quantities. This included the primary APX-200 target. Noble is now plugging and abandoning Humpback, leaving shareholders in Falkland Oil to lick their wounds. At 12.07p (last seen), the company’s share price is off 40.5% on the day. Is this a buying opportunity or should investors rush for the exit, salvaging what they can?
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