24th Nov 2015 12:29
LONDON (Alliance News) - Oil and gas explorer 88 Energy Ltd on Tuesday said repair work at the Icewine 1 project in Alaska was delayed this week but said the project remains on budget.
88 said the repairs required to the drawworks on the drilling rig at the project were delayed after the specialist engineer from the manufacturer was unexpectedly held up by visa issues at the US-Canada border.
The company said a second rig was mobilised in order to keep the project on track, but noted the cost of this is not being borne by its joint venture on the project. As a result, the project is still on budget.
Shares in 88 Energy were down 3.1% to 0.523 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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