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Sydney, July 31, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to present its quarterly report for the three months to 30 June 2012. The last three months have been a busy time for the company as we prepare to commence onshore and offshore drilling programs in the Cook Inlet, Alaska.
The highlights up until the date of this report are as follows:
- Excellent production performance at the Kenai Loop project
- Very encouraging 3D seismic results at Kenai Loop
- Preparing to spud Kenai Loop # 4 well onshore Cook Inlet, Alaska
- West Eagle drilling site identified and permitting commenced
- Endeavour jack-up rig repairs and modifications completed
- Endeavour jack-up rig mobilised to Cook Inlet, Alaska
- Completed a long term lease for the Glacier # 1 drilling rig with an option to purchase
- Completed and drawn on new US$20.0 million project finance facility
- Completed and drawn on new US$30.0 million ACES receivable revolving credit facility
- Raised $12.0 million through an institutional equity raise
- New Singapore based cornerstone shareholder
- Announced $1.5 million Share Purchase Plan ("SPP")
- Received US$12.8 million in ACES tax rebates from the State of Alaska
For the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-688046.pdf
ASX:BCC) is pleased to present its quarterly report for the three months to 30 June 2012. The last three months have been a busy time for the company as we prepare to commence onshore and offshore drilling programs in the Cook Inlet, Alaska.The highlights up until the date of this report are as follows:
- Excellent production performance at the Kenai Loop project
- Very encouraging 3D seismic results at Kenai Loop
- Preparing to spud Kenai Loop # 4 well onshore Cook Inlet, Alaska
- West Eagle drilling site identified and permitting commenced
- Endeavour jack-up rig repairs and modifications completed
- Endeavour jack-up rig mobilised to Cook Inlet, Alaska
- Completed a long term lease for the Glacier # 1 drilling rig with an option to purchase
- Completed and drawn on new US$20.0 million project finance facility
- Completed and drawn on new US$30.0 million ACES receivable revolving credit facility
- Raised $12.0 million through an institutional equity raise
- New Singapore based cornerstone shareholder
- Announced $1.5 million Share Purchase Plan ("SPP")
- Received US$12.8 million in ACES tax rebates from the State of Alaska
For the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-688046.pdf
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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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