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Sydney, Oct 31, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to present its quarterly report for the 3 months to 30 September 2012.
The last 3 months have again been a busy period for the company as we recommenced our onshore drilling program and prepare to commence our offshore drilling program in the Cook Inlet, Alaska. The highights up until the date of this report are as follows:
- Excellent production performance continues at the Kenai Loop project
- Production rate increase of 20% at Kenai Loop # 1 well
- New short term gas sales agreement with third party at US$7.50 MCF
- Commenced and completed drilling to 13,000' of the Kenai Loop # 4 well
- Preparing to run wire line logs at the Kenai Loop # 4 well
- Kenai Loop Unit application lodged
- West Eagle Unit application lodged
- Endeavour Jack-Up rig preparing to mobilise to Cosmopolitan site to drill first offshore well
- Completed Tranche 2 of $12.0 million institutional equity raise announced in July 2012
- Completed $1.5 million Share Purchase Plan ("SPP") that was significantly over subscribed
Buccaneer Energy's wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specialises in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential. Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess significant undeveloped upside.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-704040.pdf
ASX:BCC) is pleased to present its quarterly report for the 3 months to 30 September 2012.The last 3 months have again been a busy period for the company as we recommenced our onshore drilling program and prepare to commence our offshore drilling program in the Cook Inlet, Alaska. The highights up until the date of this report are as follows:
- Excellent production performance continues at the Kenai Loop project
- Production rate increase of 20% at Kenai Loop # 1 well
- New short term gas sales agreement with third party at US$7.50 MCF
- Commenced and completed drilling to 13,000' of the Kenai Loop # 4 well
- Preparing to run wire line logs at the Kenai Loop # 4 well
- Kenai Loop Unit application lodged
- West Eagle Unit application lodged
- Endeavour Jack-Up rig preparing to mobilise to Cosmopolitan site to drill first offshore well
- Completed Tranche 2 of $12.0 million institutional equity raise announced in July 2012
- Completed $1.5 million Share Purchase Plan ("SPP") that was significantly over subscribed
Buccaneer Energy's wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specialises in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential. Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess significant undeveloped upside.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-704040.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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