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Sydney, Sep 13, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that the Kenai Loop # 4 well spud on September 11, 2012 (US time).
The Kenai Loop # 4 well will target 7 stacked potential pay sands in the Tyonek formation and will have a bottom-hole location approximately 2,000' north-west of the successful Kenai Loop # 1. All of the 7 stacked potential pay sands have been identified and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon indicators.
The targeted pay sands within the Tyonek include the 9700' and 10000' sands that are currently producing 5.0 MMCFD on a 5/64" choke in the Kenai Loop # 1 well and therefore the Company has a high level of confidence in the Kenai Loop # 4 well location.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660') , and is anticipated to take 35-40 days to drill with an additional 10 days for testing. The Company will give drilling progress reports each Wednesday and additional reports as required to meet its continuous disclosure obligations.
An additional 11 new seismic gas anomalies have been identified from the stacked pays in the shallow Sterling and deeper Tyonek formations, all of which have hydrocarbon indicators. The Company will risk assess each of these anomalies prior to finalising a future drilling program.
Background
The Kenai Loop project consists of 9,308 acres and is immediately north and adjoins the lease boundary of the Cannery Loop field that has produced 180 BCF (30 MMBOE) and approximately 5 miles north of the Kenai Unit that has produced 2.4 TCF (400 MMBOE). The Cannery Loop and Kenai Unit were owned and operated by Marathon Oil Company and both share many of the same sand packages as that have been encountered and that are being produced in the Company's 100% owned Kenai Loop project.
The Company has completed a preliminary evaluation of the 3D seismic over the entire Kenai Loop project area. The initial evaluation effort has focused on the producing 9,700' and 10,000' sands (Tyonek formation) around the existing Kenai Loop # 1 well. Ralph E Davis Associates, Inc., when estimating the Proven (1P) and Proven and Probable (2P) Reserves to the Kenai Loop project, attributed an aerial extent of 340 acres. The 3D seismic preliminary results indicates up to 840 acres around the Kenai Loop # 1 well bore in each of the producing 9,700' and 10,000' sands in the Tyonek formations.
Additionally the Company has identified 11 new seismic gas anomalies from the stacked pays in the shallow Sterling and deeper Tyonek formations, all of which have hydrocarbon indicators. The Company will risk assess each of these anomalies prior to finalising a future drilling program.
ASX:BCC) is pleased to advise that the Kenai Loop # 4 well spud on September 11, 2012 (US time).The Kenai Loop # 4 well will target 7 stacked potential pay sands in the Tyonek formation and will have a bottom-hole location approximately 2,000' north-west of the successful Kenai Loop # 1. All of the 7 stacked potential pay sands have been identified and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon indicators.
The targeted pay sands within the Tyonek include the 9700' and 10000' sands that are currently producing 5.0 MMCFD on a 5/64" choke in the Kenai Loop # 1 well and therefore the Company has a high level of confidence in the Kenai Loop # 4 well location.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660') , and is anticipated to take 35-40 days to drill with an additional 10 days for testing. The Company will give drilling progress reports each Wednesday and additional reports as required to meet its continuous disclosure obligations.
An additional 11 new seismic gas anomalies have been identified from the stacked pays in the shallow Sterling and deeper Tyonek formations, all of which have hydrocarbon indicators. The Company will risk assess each of these anomalies prior to finalising a future drilling program.
Background
The Kenai Loop project consists of 9,308 acres and is immediately north and adjoins the lease boundary of the Cannery Loop field that has produced 180 BCF (30 MMBOE) and approximately 5 miles north of the Kenai Unit that has produced 2.4 TCF (400 MMBOE). The Cannery Loop and Kenai Unit were owned and operated by Marathon Oil Company and both share many of the same sand packages as that have been encountered and that are being produced in the Company's 100% owned Kenai Loop project.
The Company has completed a preliminary evaluation of the 3D seismic over the entire Kenai Loop project area. The initial evaluation effort has focused on the producing 9,700' and 10,000' sands (Tyonek formation) around the existing Kenai Loop # 1 well. Ralph E Davis Associates, Inc., when estimating the Proven (1P) and Proven and Probable (2P) Reserves to the Kenai Loop project, attributed an aerial extent of 340 acres. The 3D seismic preliminary results indicates up to 840 acres around the Kenai Loop # 1 well bore in each of the producing 9,700' and 10,000' sands in the Tyonek formations.
Additionally the Company has identified 11 new seismic gas anomalies from the stacked pays in the shallow Sterling and deeper Tyonek formations, all of which have hydrocarbon indicators. The Company will risk assess each of these anomalies prior to finalising a future drilling program.
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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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