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Sydney, Sep 26, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:
Time:
11.00am (Sydney) 26 September 2012 / 5.00pm (Anchorage) 25 September 2012.
Depth:
7,645' Measured Depth ("MD")
Activity:
Directionally drilling to 8,425' MD where 9 7/8" intermediary casing will be set then vertical drilling to Total Depth ("TD") of 13,000' Total Vertical Depth ("TVD"). Prior to setting casing a wire line logging run will be made for the interval 3,000' - 8,425' MD.
Log while drilling ("LWD") will be employed from the intermediary casing point (8,425' MD).
A permit application has been lodged to deepen well TD to 13,000' TVD to test all seismic anomalies identified on 3D seismic.
Comment:
The primary target in the Kenai Loop # 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 well. 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 9,700' and 10,000' sands that are currently producing 5.0 million cubic feet per day ("MMCFD") from the Kenai Loop # 1 well on a 5/64" choke. This gas is being sold to a local utility at an annual weighted price of US$6.24 / MCF.
The Kenai Loop # 4 well has being drilling 14 days and is anticipated to take a total of 35-40 days to drill with an additional 10 days for testing. At this point of operations the well is running ahead of the planned schedule.
ASX:BCC) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:Time:
11.00am (Sydney) 26 September 2012 / 5.00pm (Anchorage) 25 September 2012.
Depth:
7,645' Measured Depth ("MD")
Activity:
Directionally drilling to 8,425' MD where 9 7/8" intermediary casing will be set then vertical drilling to Total Depth ("TD") of 13,000' Total Vertical Depth ("TVD"). Prior to setting casing a wire line logging run will be made for the interval 3,000' - 8,425' MD.
Log while drilling ("LWD") will be employed from the intermediary casing point (8,425' MD).
A permit application has been lodged to deepen well TD to 13,000' TVD to test all seismic anomalies identified on 3D seismic.
Comment:
The primary target in the Kenai Loop # 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 well. 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 9,700' and 10,000' sands that are currently producing 5.0 million cubic feet per day ("MMCFD") from the Kenai Loop # 1 well on a 5/64" choke. This gas is being sold to a local utility at an annual weighted price of US$6.24 / MCF.
The Kenai Loop # 4 well has being drilling 14 days and is anticipated to take a total of 35-40 days to drill with an additional 10 days for testing. At this point of operations the well is running ahead of the planned schedule.
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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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