Updated from 4:07 p.m. EDT Update includes extension of test period for new well cap.NEW YORK ( TheStreet) -- The government and BP ( BP) have decided to add another 24 hours to the testing of the new cap on the company's leaking oil well in the Gulf of Mexico. Retired Coast Guard Adm. Thad Allen, who's directing the government response to the disaster, announced the decision Saturday in a statement. The test originally was set to end Saturday afternoon around 3:30 p.m. EDT. The extension will give scientists more time to check that additional pressure on the well from the cap does not cause new leaks to emerge on the sea floor. Also Saturday, Allen decided that when testing is complete, the oil will flow from the cap through pipes to collection ships on the surface of the Gulf, the Associated Press reported. One of the concerns about BP's new cap has been that the pressure it creates could cause a new leak or leaks. > > Bull or Bear? Vote in Our Poll But earlier Saturday, Kent Wells, a BP vice president, said engineers had observed no evidence that oil was leaking into the water or the sea floor, the AP reported. "We're feeling more comfortable," Wells had been quoted saying by the AP on a morning conference call. Although the cap is designed to prevent more oil from leaking out of the well, it is a temporary solution. BP hopes to use two relief wells that are under construction to help it plug the broken well. Shares of BP closed Friday at $37.10.
|In this image from video provided by BP at 3:25 p.m. EDT Saturday, the company's containment stack is shown at the site of the Deepwater Horizon oil spill in the Gulf of Mexico.|