Amedeo Resources forges ahead with new rig

22nd Apr 2014 12:37

Natural resource investor Amedeo Resources reported progress in building a new oil rig in China, boosting its shares.Amedeo said it had taken a significant step in building the Le Tourneau Super Enhanced 116e, which involved constructing the 500-tonne hull and placing it on the skid-way of the Jiangsu Yangzijiang Offshore Engineering (YZJOE) new rig yard in Taicang, about 37 miles north west of Shanghai.Amedeo has an indirect 18.6% stake in YZJOE, which is building the rig for Explorer 1, whose Executive Director Ramlan Ahmad said: "We are confident that YZJOE will deliver our rig on schedule and to quality." Amedeo Chief Executive Glen Lau said: "The new rig yard is already operational and due to be completed in the middle of this year. Explorer 1 is pleased with the progress and build of its order and new prospective clients have and are able to tour our facilities."Shares in Amedeo rose 0.05p or 5% to 1.05p at 13:06 in London. PW