There's always a degree of uncertainty when dealing with re-emerging markets.
Woodside Petroleum Limited (ASX: WPL) had big plans for Myanmar.
But recently those plans have been dampened amid brutal persecution of minorities and confusing media reports pointing to political complications for the company.
Now it turns out its latest exploration in Myanmar has determined the wells in question were either non-commercial or dry.
Woodside made a big deal out their gas discovery at the Pyi Thit-1 exploration well in Block A-6 in the Southern Rakhine Basin in August when CEO Peter Coleman called it "another success in an underdeveloped region".
But when Woodside announced its Q3 results last week Mr Coleman didn't have much to say about Woodside's latest exploration activities in Myanmar.
Woodside also announced third-quarter revenue had dropped to $914 million, down 7.5% on the corresponding period in 2016.
But, the company announced monthly production for July was 3% higher than the previous record set in July 2016, and CEO Peter Coleman also managed to offer shareholders some good news.
"In October, Woodside realised a major component of our near-term growth strategy with the start of LNG production at Wheatstone, which will contribute more than 13 MMboe of annual production once its two LNG trains and domestic gas plant are fully operational," Mr Coleman said.
But in Myanmar it seems things haven't been going so well.
Earlier this month a report in the Myanmar Times suggested that Woodside was on the edge of being told to leave the country by officials if the company didn't get on with the job of drilling.
A week later the Myanmar Times published an article with the headline 'Woodside delays drilling in Southern Rakhine for commercial reasons'.
On the same day, Reuters broke a story entitled: 'Exclusive: Woodside delays Myanmar gas drilling as early results disappoint – source'.
It was also reported Woodside was troubled by the Rohingya crisis, where the Myanmar government is accused of attempting to wipe out an ethnic minorities.
One newspaper suggested Mr Coleman was heading to Myanmar to assess the humanitarian crisis.
But Reuters reported that Mr Coleman said the Rohingya crisis hadn't affected Woodside's offshore operations aside from having to cancel talks with some fishing communities in troubled areas.
"It's something we're obviously concerned about, we're watching closely," Mr Coleman told Reuters.
And although the situation in Myanmar remains murky, Mr Coleman believes things will be clearer soon.
"We've really said by the end of 2018 we will know what the development looks like in Myanmar," Mr Coleman said.
"We're still on schedule for that."
Woodside shares closed on Friday at $29.36, slightly down from a week before when they closed at $29.47.
The Santos Ltd (ASX: STO) share price had a better week, going from $4.17 to close on Friday at $4.26.
The Oil Search Limited (ASX: SHO) share price also recorded a slight gain, moving from $7.15 to close on Friday at $7.17.
