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Sydney, Dec 21, 2011 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) ("Buccaneer" or the "Company") is pleased to advise that the Company's 50 per cent owned subsidiary Kenai Offshore Ventures, LLC has executed a Repair Contract with Keppel FELS Shipyard in Singapore for the repair and modification of the jack-up rig, Endeavour.
The Endeavour is currently in dry dock undergoing the first stage of the work program, with completion expected in the next 10 days. The second stage will commence in January 2012 and will consist of upgrades to the accommodation quarters, blasting and painting of surfaces, winterising, and refurbishing of tanks and piping systems.
Concurrently, approximately 30 other individual contractors are in various stages of assessing and/or dismantling drilling equipment for assessment, to ascertain what work needs to be completed. In the majority of cases, this work is being done by the original equipment manufacturers, most of whom have workshops in Singapore.
This work, when completed, will bring the Endeavour back to full operational capability and capable of drilling in the Cook Inlet, Alaska.
Endeavour's Capabilities
The Endeavour jack-up rig was selected following a rigorous global search process. Its existing capabilities make it suitable for most water depths that exist in the Cook Inlet and northern Alaskan waters.
These capabilities include:
- The ability to operate in water depths up to 300 feet;
- Constructed of -10o Celsius rated steel allowing it to work safely in the wide environmental envelope that exists in the Arctic, including the Chukchi and Beaufort Sea which are located offshore the North Slope;
- Two sets of blow out protectors ("BOPs"), both 10,000 and 15,000 PSI, giving it capacity to drill high pressure horizons that exist in the Cook Inlet;
- Cantilever beam extensions that enhance its ability to work over existing platforms in the Cook Inlet to undertake drilling and repair operations; and
- High variable deck load rating of 8,300 KLBS which enable it to operate with extra equipment and materials onboard, should support services be limited.
ASX:BCC) ("Buccaneer" or the "Company") is pleased to advise that the Company's 50 per cent owned subsidiary Kenai Offshore Ventures, LLC has executed a Repair Contract with Keppel FELS Shipyard in Singapore for the repair and modification of the jack-up rig, Endeavour.The Endeavour is currently in dry dock undergoing the first stage of the work program, with completion expected in the next 10 days. The second stage will commence in January 2012 and will consist of upgrades to the accommodation quarters, blasting and painting of surfaces, winterising, and refurbishing of tanks and piping systems.
Concurrently, approximately 30 other individual contractors are in various stages of assessing and/or dismantling drilling equipment for assessment, to ascertain what work needs to be completed. In the majority of cases, this work is being done by the original equipment manufacturers, most of whom have workshops in Singapore.
This work, when completed, will bring the Endeavour back to full operational capability and capable of drilling in the Cook Inlet, Alaska.
Endeavour's Capabilities
The Endeavour jack-up rig was selected following a rigorous global search process. Its existing capabilities make it suitable for most water depths that exist in the Cook Inlet and northern Alaskan waters.
These capabilities include:
- The ability to operate in water depths up to 300 feet;
- Constructed of -10o Celsius rated steel allowing it to work safely in the wide environmental envelope that exists in the Arctic, including the Chukchi and Beaufort Sea which are located offshore the North Slope;
- Two sets of blow out protectors ("BOPs"), both 10,000 and 15,000 PSI, giving it capacity to drill high pressure horizons that exist in the Cook Inlet;
- Cantilever beam extensions that enhance its ability to work over existing platforms in the Cook Inlet to undertake drilling and repair operations; and
- High variable deck load rating of 8,300 KLBS which enable it to operate with extra equipment and materials onboard, should support services be limited.
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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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