Wednesday, July 7, 2010

BP (NYSE:BP) Relief Well, 100 FT. From Their Target

The estimated time frame for BP's (NYSE:BP) relief wells to be completed was three months. They are now only 100 feet from reaching their target. A contractor for BP said the relief wells could be completed within two weeks.

President of Blackhawk Specialty Tools, Billy Brown, said that they are getting "very close" to the first relief well. They are within 10 feet of reaching their target. Blackhawk is directly involved with the cementing process of the two relief wells at the Deepwater Horizon oil spill site. He said, "Hopefully in the next two weeks we are going to be hearing some very good things. BP has been flawless in getting this well out."

Thad Allen, retired U.S. Coast Guard Administrator said, despite the fact that drilling is a week ahead of schedule he is "sticking" with the original August target. There are still plenty of variables that could effect the completion of the relief wells. Including hurricane season and as BP heads down the home stretch of the final steps, frequent stops and measurements are required.

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