By Houston Business Journal

BP Plcâ¿¿s plan to permanently plug the Macondo well this weekend hit a snag Friday when the company found some debris and sediment at the bottom of the relief well, Retired Coast Guard Admiral Thad Allen told reporters.

The relief well efforts were abandoned during Tropical Storm Bonnie. BP has to clean out the debris, then move forward with the static kill procedure next week.

Meanwhile, BP (NYSE: BP) announced the creation of a $100 million fund for out-of-work rig employees, to be administered through the Baton Rouge Area Foundation.

⿿We expect to release all the details of the program within two weeks, then to begin taking applications for grants by Sept. 1,⿝ said BP Managing Director Bob Dudley.

The Rig Worker Assistance Fund will be administered through the Gulf Coast Restoration and Protection Foundation, which supports The Baton Rouge Area Foundation.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

Copyright 2010 American City Business Journals
Copyright 2010