logo-loader

Buccaneer Energy flows gas from offshore Alaska well

Published: 17:00 13 Aug 2013 AEST

no_picture_pai

Buccaneer Energy (ASX: BCC) has successfully flowed gas at a rate of 7.3 million cubic feet per day during a second test of its Cosmo-1 well in the Cook Inlet offshore Alaska.

With gas flow from a deeper section at the well included, the Cosmo-1 well has proven its ability to produce gas and is likely to play a key role in development of the field.

This was produced from a 66 feet section of sand at a depth of about 4,300 feet and is addition to the flow of 7.2MMcfd from a deeper 73 foot section at about 5,500 feet.

At this stage, only these two zones in the Tyonek Formation will be tested; however, there are multiple additional shallow gas zones within the formation that may be seen and tested in future appraisal wells.

The company will now proceed with a new third party reserve estimate and finalisation of field development plans and capital expenditure estimates.

Once operations are completed at the Cosmo-1 well the Endeavour jack-up rig will be mobilised to the Southern Cross Unit to spud the Southern Cross-1 well.

Buccaneer has a 25% interest in the Cosmo-1 well.

Separately, the company is drilling the Kenai Loop 1-4 well onshore Alaska that will test a target that appears to be fault separated from the current producing zones in the Kenai Loop 1-1 and 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.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

3 hours, 27 minutes ago