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Sydney, Sep 19, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to provide the following update on the progress of the Kenai Loop #4 ("KL #4") well:
Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth ("TVD").
Activity: Surface casing run and cemented. Installed 10,000psi blow-out protector ("BOP"). Preparing to drill ahead.
Comment: The primary target in the KL #4 well are 7 stacked potential pay sands in the Tyonek formation, the well 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 being produced in Kenai Loop #1 well.
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.
ASX:BCC) is pleased to provide the following update on the progress of the Kenai Loop #4 ("KL #4") well:Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth ("TVD").
Activity: Surface casing run and cemented. Installed 10,000psi blow-out protector ("BOP"). Preparing to drill ahead.
Comment: The primary target in the KL #4 well are 7 stacked potential pay sands in the Tyonek formation, the well 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 being produced in Kenai Loop #1 well.
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.
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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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