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Sydney, Dec 20, 2011 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that the Alaskan Department of Revenue has approved the Company's first rebate under the Alaskan Clear and Equitable Share ("ACES") incentive program.
The application for this rebate was lodged in August 2011 and relates to the initial drilling expenditures for the Kenai Loop #1 well. The amount of this first ACES rebate is US$2.85 million. This rebate forms part of the approximately $13.5 million in accrued ACES rebates through expenditures at the Kenai Loop project, with the remaining rebates expected to be received in a number of tranches up to July 2012.
The first tranche of rebated funds are expected to be received in the next 10 - 14 days and will be used to repay the revolving credit facility with Centaurus Capital LP ("Centaurus"), a Houston-based investment fund.
In early December 2011 the Company executed a 5 year US$50.0 million revolving credit facility with Centaurus to bridge fund rebates available to the Company under ACES. It is expected that this bridging facility will fund approximately 50 per cent of all capital expenditures on the Company's Alaskan leases.
Buccaneer Director Dean Gallegos said:
"The ACES incentive program underpins the unique commercial appeal of our Alaskan projects. This first rebate demonstrates the compelling project economics that exist at our Kenai Loop project, which are awarded based on Company expenditure regardless of well success.
"Our innovative funding program, of which the Centarurus bridging facility is a part, significantly reduces the amount of capital Buccaneer needs to develop its Alaska leases.
"The first ACES rebate approval is another important milestone for the Company and demonstrates clearly how the ACES program works in practice."
ASX:BCC) is pleased to advise that the Alaskan Department of Revenue has approved the Company's first rebate under the Alaskan Clear and Equitable Share ("ACES") incentive program.The application for this rebate was lodged in August 2011 and relates to the initial drilling expenditures for the Kenai Loop #1 well. The amount of this first ACES rebate is US$2.85 million. This rebate forms part of the approximately $13.5 million in accrued ACES rebates through expenditures at the Kenai Loop project, with the remaining rebates expected to be received in a number of tranches up to July 2012.
The first tranche of rebated funds are expected to be received in the next 10 - 14 days and will be used to repay the revolving credit facility with Centaurus Capital LP ("Centaurus"), a Houston-based investment fund.
In early December 2011 the Company executed a 5 year US$50.0 million revolving credit facility with Centaurus to bridge fund rebates available to the Company under ACES. It is expected that this bridging facility will fund approximately 50 per cent of all capital expenditures on the Company's Alaskan leases.
Buccaneer Director Dean Gallegos said:
"The ACES incentive program underpins the unique commercial appeal of our Alaskan projects. This first rebate demonstrates the compelling project economics that exist at our Kenai Loop project, which are awarded based on Company expenditure regardless of well success.
"Our innovative funding program, of which the Centarurus bridging facility is a part, significantly reduces the amount of capital Buccaneer needs to develop its Alaska leases.
"The first ACES rebate approval is another important milestone for the Company and demonstrates clearly how the ACES program works in practice."
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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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