Friday, July 2, 2010

BP (NYSE:BP) First Relief Well Remains Ahead of Schedule

In what is considered the best chance at plugging the leak of the Gulf oil spill, BP continues to drill two relief wells. The first of the relief wells remains ahead of schedule by about seven or eight days, and its purpose of plugging the leak should be completed by the middle of August.

According to Coast Guard Admiral Thad Allen, who is overseeing the cleanup effort on behalf of the U.S. government, the first relief well is within 600 feet of intercepting the leak.

BP is using technology which bounces electromagnetic waves through rock in order to figure out the distance left before interception.

The interception is estimated to be completed from between July 7 to July 12.

Allen said in a briefing Thursday, “We shouldn’t come off that mid-August date until we know they’ve actually gone through. I’d rather under-promise and over-deliver.”

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