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Kenai Loop # 1-4 Well - Drilling Report # 6

  17 September 2013  
 
 

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 1-4 well:

Time:

 

9.00 am (Sydney) 17 September 2013 / 3.00 pm (Anchorage) 16 September 2013.

 

Depth:

 

11,396’ Measured Depth ("MD")

 

Activity:

 

The well was deepened to 11,396’ MD from the originally planned depth of 10,897’ MD. Well bore conditions have meant that the formation below 9,780’ MD could not be logged using wireline logging tools. As such, plans are now to forego further logging and run the production liner in order to test the prospective sands.

Logging While Drilling (“LWD”) and mud logs are very encouraging for the 9,700’ sand with two other prospective gas show sands, including the 10,000’ sand. Both the 9,700’ and 10,000’ sands are productive in the Kenai Loop field. Based on the current information available, the 9,700’ sand will most likely be the zone of final completion.

Testing of the well will commence when the production liner has been run and formal approvals for testing have been granted by the Alaskan Oil and Gas Conservation Commission (“AOGCC”). The Company has successfully applied for and been granted spacing exception permits for the previous 3 wells drilled at the Kenai Loop project.

A spacing permit is normally a routine procedure, and the Company lodged an application for a spacing permit for the Kenai Loop # 1-4 well with the AOGCC in mid-June 2013.

Well Plan:

The Kenai Loop # 1-4 well is being drilled from Drilling Pad # 1, which is the same drilling pad as Buccaneer’s other Kenai Loop wells and will be drilled to approximately 10,700’ true vertical depth ("TVD") / 10,897’ MD.

The well is being drilled to a target that appears to be fault separated from the current producing zones in the Kenai Loop # 1-1 and Kenai Loop # 1-3 wells. The current production facilities at Drilling Pad # 1 will need minor upgrades to facilitate production from this new well and preliminary plans have been finalized to perform these upgrades with minimal delays.

Yours faithfully, 
Mr. Dean Gallegos
Executive Chairman
BUCCANEER ENERGY LIMITED

For further information please contact Dean Gallegos, Executive Director, on 0416 220 007 or 02 9233 2520. Alternatively, visit the Company’s website at www.buccaneerenergy.com.

About Buccaneer

Buccaneer Energy Limited is an Australian listed company focused on developing its 100% owned oil & gas assets in Alaska. The Company's flagship projects are a series of onshore and offshore developmental and exploration prospects in Alaska’s Cook Inlet. 

Buccaneer Energy has a 3 pronged cash flow strategy:

  • Developing the 100% owned Kenai Loop onshore gas project with independently assessed 6.4 MMBOE in 2P Reserves;
  • Operating an offshore jack-up rig for use by third-parties in the Cook Inlet; and
  • Developing its offshore Cook Inlet projects that have independently assessed 150.8 MMBOE in 2P Reserves / P50 Resources using the acquired jack-up rig.

Buccaneer Energy has a 50/50 joint venture with Singaporean-based Ezion, a leader in the development, ownership and chartering of strategic offshore assets, and the Alaskan Industrial Development and Export Authority (“AIDEA”). This joint venture has acquired the jack-up rig “Endeavour” which is capable of drilling in all areas of the Cook Inlet, the Beaufort Sea and the Chukchi Sea.  Mobilisation of the Endeavour into the Cook Inlet was completed in late August 2012.

The Alaskan Government is supportive of oil and gas in the Cook Inlet. There are a number of fiscal incentive programs for exploration and development in the Cook Inlet.

Buccaneer Energy has two onshore wells at Kenai Loop producing at a combined rate of 10.0 MMCFD (1,666 BOEPD). The Company expects this to increase to 11 - 12 MMCFD (1,833 – 2,000 BOEPD) if a third gas sales contract can be finalised in the coming months. 

Buccaneer Energy also has major working interests in Texas and the Gulf of Mexico, USA.

 
 
 

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