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Owners of Mustang oil project in Alaska miss loan payment

ANCHORAGE, Alaska (AP) –
The owners of the Mustang oil project on Alaska’s North Slope have missed the first loan payment to the state as limited quantities of oil have begun flowing. Alaska Journal of Commerce reported Tuesday that Caracol Petroleum LLC missed a loan payment to the Alaska Industrial Development and Export Authority. The authority says Caracol was due to make a $3.1 million payment Oct. 1, But the payment had not been received as of Dec. 23. The authority says Caracol incurred $310,000 in late fees and penalties for not making the payment within 30 days.

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