The Company had previously secured an option on a drilling rig which was to be available to begin drilling a well on the Povorotnoye Field in September 2012. This rig option expires at the close of business on 14th September 2012. Whilst the Company is disappointed that it could not commence drilling as planned it will make its best efforts to progress the well as quickly as possible. In light of this, there will be a delay in commencement of drilling. A further option is being sought for this rig but if this is not available, the Company will seek a similar rig as soon as is possible.
AWD Price at posting:
1.3¢ Sentiment: None Disclosure: Held
