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Sydney, Oct 10, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (PINK:BCGYF) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:
Time:
11.00am (Sydney) 10 October 2012 / 4.00pm (Anchorage) 9 October 2012.
Depth:
8,425' Measured Depth ("MD")
Activity:
Completed intermediary casing and cementing operations to 8,425' MD, base of the Beluga formation.
Conducted installations of additional 10,000psi blow-out protector ("BOP") equipment, currently rigging up and testing BOP to drill ahead to Total Depth ("TD") of 13,000' Total Vertical Depth ("TVD").
Continue to evaluate wire line logging results to 8,425' MD.
Log while drilling ("LWD") will be employed from the intermediary casing point (8,425' MD) to TD.
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.
View the full Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-699364.pdf
ASX:BCC) (PINK:BCGYF) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:Time:
11.00am (Sydney) 10 October 2012 / 4.00pm (Anchorage) 9 October 2012.
Depth:
8,425' Measured Depth ("MD")
Activity:
Completed intermediary casing and cementing operations to 8,425' MD, base of the Beluga formation.
Conducted installations of additional 10,000psi blow-out protector ("BOP") equipment, currently rigging up and testing BOP to drill ahead to Total Depth ("TD") of 13,000' Total Vertical Depth ("TVD").
Continue to evaluate wire line logging results to 8,425' MD.
Log while drilling ("LWD") will be employed from the intermediary casing point (8,425' MD) to TD.
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.
View the full Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-699364.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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