13th Nov 2015 09:24
LONDON (Alliance News) - 88 Energy Ltd on Friday said the rig at the Icewine 1 well in Alaska is currently drilling ahead of schedule, though it did experience minor delays at the project over the past week.
88 Energy said drilling at the project restarted on November 10 following successful testing of the blow-out preventer system. But minor delays were experienced over the course of the week after it had to replace faulty equipment associated with the blow-out preventer system.
"Whilst the issues with the BOP and mud pump caused minor delays to the schedule, the well remains well within the budget and substantial lost time has already been clawed back while drilling the intermediate section, which includes potential remaining conventional zones of interest in the Brookian sequence," said Dave Wall, 88's managing director.
Shares in 88 were down 0.9% to 0.629 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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