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Buccaneer Energy - Cosmo # 1 Well – Successful Gas Production Test

Flaring gas from the Cosmo # 1 well, view from the Endeavour.

Flaring gas from the Cosmo # 1 well, view from the Endeavour.

PHOTO: Courtesy of Buccaneer Energy

Buccaneer Energy Limited (“Buccaneer” or the “Company”) is pleased to advise that Sunday, 4 August 2013 (Sydney), a 73’ section of the sand at approximately 5,500’ measured depth (MD) was perforated and flow tested in the Cosmo # 1 well in which the Company has a 25% working interest.

The well has successfully tested gas at a maximum rate of 7.2 million cubic feet per day (“MMCFD”) on a 30/64” choke with a flowing tubing pressure (“FTP”) of 1,318 psi and no water. Gas was flared at the location, see Figures 1 and 2 below.

A four-point test was carried out to estimate the absolute open flow potential (“AOFP”) of the reservoir. Once the pressure data is recovered from down-hole testing equipment and the AOFP finalised a further release will be made.

At this time, the preparations are underway to test the second gas zone at 4,300’ MD with a 60’ interval of perforations.

Summary of Previous Results

As indicated from logging, MDT and sidewall cores, the Cosmo # 1 well has confirmed the presence of an extensive hydrocarbon column covering numerous formations above the previously known oil reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic formations 200 - 300’ higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400’ stratigraphically higher than any other wells drilled on the structure to date.

The Tyonek formation, which contained all exploratory targets, was found to have 488’ of indicated oil and gas pay, including 18 gas zones and 8 oil zones.

The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this well. The Starichkof formation was found to have 43’ of indicated oil pay, and the Hemlock formation was found to have 149’ of indicated oil pay.

Not all of the zones intersected will be flow tested; however, the newly-discovered zones will be high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who holds the remaining 75.0% working interest.


Yours faithfully

BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Executive Chairman

 

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