Loon Energy Corp. (TSXV:LNE) says drilling at the Tuqueque-1X well in Colombia has failed to tap any appreciable oil or gas and the rig has been released.
Loon has only a 10 per cent interest in the well and the Buganviles block, in Colombia's upper Magdalena Valley basin, but the junior energy company's stock dropped 1.5 cents Monday to six cents on the TSX Venture Exchange.
Petrodorado Energy Ltd. (TSXV:PDQ), which has a 55 per cent beneficial interest in the Tuqueque prospect, also reported on the dry hole Monday.
Its shares fell three cents to 39 cents.
Pacific Stratus Energy, a wholly owned subsidiary of Pacific Rubiales, has about 20 per cent participation in the prospect.
Pacific Rubiales stock dropped 35 cents to $27.66 on the Toronto Stock Exchange.
The Canadian companies participate in the Buganviles block under a contract with Ecopetrol, Colombia's largest integrated oil and gas company.
Loon has only a 10 per cent interest in the well and the Buganviles block, in Colombia's upper Magdalena Valley basin, but the junior energy company's stock dropped 1.5 cents Monday to six cents on the TSX Venture Exchange.
Petrodorado Energy Ltd. (TSXV:PDQ), which has a 55 per cent beneficial interest in the Tuqueque prospect, also reported on the dry hole Monday.
Its shares fell three cents to 39 cents.
Pacific Stratus Energy, a wholly owned subsidiary of Pacific Rubiales, has about 20 per cent participation in the prospect.
Pacific Rubiales stock dropped 35 cents to $27.66 on the Toronto Stock Exchange.
The Canadian companies participate in the Buganviles block under a contract with Ecopetrol, Colombia's largest integrated oil and gas company.
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