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Mycelx sinks as it warns of major project delay

It is unclear when the major project will proceed, Mycelx said
Mycelx sinks as it warns of major project delay
Mycelx's technology cleans oil out of water

Mycelx (LON:MYX) shares slammed more than 60% lower on Wednesday morning after it revealed a major project has not progressed.

The timetable for project in question is now unclear, Mycelx told investors.

The company, which provides clean water environmental services to the oil sector, also cautioned that capital approval delays caused by challenging conditions in the sector has pushed an increasing portion of revenues from 'actively pursued' projects out to at least the second half of the current financial year.

It says revenue for the financial year could expected to be in the range of US$15mln to US$16.5mln, on the basis that are no new contract wins and the current 'run-rate' continues.

"Trading conditions over the first half of 2015 continued to be challenging for the oil and gas industry and the associated service sector, with many of the operators exercising stringent capital discipline," Mycelx said.

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