The
AIM-listed
explorer’s
shares
were
trading
down
42%
at
£0.04
on
Tuesday
morning,
just
hours
after
a
suspension
of
trading
on
the
stock
was
lifted.
Red
Emperor
Resources
halted
trading
of
the
shares
earlier
this
month
pending
results
from
the
Africa
Oil-operated
Shabeel
North
1
well
in
the
semi-autonomous
Somali
region
of
Puntland.
Yesterday
it
emerged
that
the
closely-watched
wildcat
probe
had
failed
to
turned
up
hydrocarbons
and
was
to
be
plugged
and
abandoned.
The
well
had
been
deepened without
success
after
shallower
targets
the
Upper
Cretaceous
Jesomma
sands
had
exhibited
porosity
and hydrocarbon
shows but
produced
only
fresh
water
on
a
drill…
