7th Nov 2014 11:21
LONDON (Alliance News) - APR Energy PLC shares dropped late Friday morning after it said it has temporarily suspended generating electricity in Libya and placed its plants on standby while necessary paperwork is completed to finalise the Libyan parliamentary review process.
APR Energy shares were down 10% to 333.75 pence per share Friday morning.
On July 29, the company said it had been awarded an extension of its 450 megawatt contract with the General Electricity Co of Libya, through to the first quarter of 2015. The company is in the final stages of a multi-step confirmation process, but has experienced continued delays in the final parliamentary review process, it said in a statement.
The company's plants are on standby and will begin dispatching power at the normal contracted levels as soon as the matter is resolved, said APR Energy.
APR Energy did not release any information on when it expects the paperwork to be finished or when it will receive confirmation.
"APR Energy continues to have a good relationship with its customer, GECOL, which is working to help expedite completion of the necessary paperwork reviews and confirmation," said APR Energy.
By Joshua Warner; [email protected]; @JoshAlliance
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