18th Nov 2015 09:03
LONDON (Alliance News) - 88 Energy Ltd on Wednesday said repairs have been undertaken on the drilling rig at the Icewine oil and gas project in Alaska but said it remains on time and budget with the project.
88 said repairs have been made to the drawworks systems on the Kuukpik Rig 5 at the project, while further repair have been made to ancillary systems during this downtime. Progress on the repairs has been made and the company will provide more details on this in due course. Drawworks are hoists used to lift pipes out of boreholes.
The company said cost minimisation measures have already been taken at the well, with non-essential personnel and equipment now demobilised. It expects the repairs will take five days to complete, with drilling to restart thereafter. 88 said it expects the drilling programme will remain on budget.
"Excellent progress had been made up until the issue with the drawworks, and we are now within striking distance of the primary, HRZ target. Fortunately, significant time was clawed back prior to the issues and we remain within the Budget," said Dave Wall, managing director of 88 Energy.
Shares in 88 Energy were up 0.7% to 0.559 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
88 Energy