Shares hit as oil firm runs dry

A dramatic fall in the share price of oil explorer Regal Petroleum – hit by poor drilling news – has had a ripple effect on related shares. (…) A statement from Regal cast doubt on whether any oil would ever be sold from what had been its most-valued asset, the Kallirachi prospect, and the company said it would not commit any further cash to drilling the well. Despite oil flowing to the surface at the well, it only gushed at a commercially-unviable 30 barrels a day, Regal said. Regal previously said the well could hold up to 227 million barrels of usable oil. BBC