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Sydney, Sep 1, 2010 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (PINK:BCGYF) is pleased to announce that the Alexander # 1 well successfully spud on Friday 27 August 2010. The well is currently at 3,600' drilling ahead.
The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.
The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.
The participants in the Lee County project are as follows:
Participant Working Interest
Buccaneer Resources* 52.50%
Sandstone Energy 38.75%
Megashine International Ltd 8.75%
* A wholly owned subsidiary of Buccaneer Energy Limited.
ASX:BCC) (PINK:BCGYF) is pleased to announce that the Alexander # 1 well successfully spud on Friday 27 August 2010. The well is currently at 3,600' drilling ahead.The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.
The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.
The participants in the Lee County project are as follows:
Participant Working Interest
Buccaneer Resources* 52.50%
Sandstone Energy 38.75%
Megashine International Ltd 8.75%
* A wholly owned subsidiary of Buccaneer Energy Limited.
About Buccaneer Energy Limited
Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.
The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:
- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.
Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.
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