Wednesday, March 23, 2011

UPDATE 1-Calvalley Petroleum says Yemen crisis delays equipment supply

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March 23 (Reuters) - Canada's Calvalley Petroleum Inc , a junior oil and gas company, said the unrest in Yemen has delayed the supply of its equipment and it has been facing transportation challenges.

The company operates its 50 percent working interest in Block 9 in the Masila Basin in Yemen and 100 percent working interest in the Gimbi and Metema blocks in Ethiopia.

Calvalley Petroleum said it has stopped shipping oil to Block 18 due to a recent attack on the export pipeline from the block to the Ras Isa export terminal, but added that it is unlikely that a production shutdown will be required.

Ras Isa is the main crude terminal offshore in the Red Sea.

Shares of the Calgary, Alberta-based company closed at C$3.40 on Tuesday on the Toronto Stock Exchange.

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