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Article: SHELL AXES AFRICA GAS FIELD DVLPMNT WITH FIRST AUST RESOURCES.
- Article from:
- AsiaPulse News
- Article date:
- August 24, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, Aug 24 Asia Pulse - Energy giant Shell has elected not to proceed with First Australian Resources Ltd (FAR)(ASX:FAR) to develop a field off the coast of Senegal.
Shares in FAR plummeted 64 per cent on opening, to 4.5 cents, after it made a statement to the stock exchange.
The company said the decision by Shell came after the energy giant completed its geophysical evaluation over part of the company's licence area offshore in Senegal, west Africa.
FAR owns the licences with its partner, Senegal's national oil company, Petrosen.
Executive chairman of First Australia, Michael Evans, said the ...