Buccaneer Energy Limited (ASX:BCC) Kenai Loop No.3 Well Drilling Progress Report No.2
Sydney, Sep 21, 2011 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to provide the following update on the progress of the Kenai Loop #3 ("KL #3") well which is the second well in the Kenai Loop development program:
Time: 9.00am (Sydney) 21 September/3.00pm (Anchorage) 20 September 2011.
Depth: 9,000 feet Total Vertical Depth ("TVD")/9,306 feet Measured Depth.
Activity: Intermediate casing run and cemented. Drilling recommenced and drilled in the Upper Tyonek Formation (primary target) towards Total Depth of 11,000 TVD. Currently making a wiper trip and will recommence drilling in approximately 12 - 24 hours, it is anticipated reaching Total Depth in approximately 7 days.
Results: The pre drill targets of the KL #3 well are the Beluga Formation (secondary target) and Upper Tyonek Formation (primary target).
While drilling through the Upper Tyonek Formation 4 zones totalling 38 feet thickness were intersected, these zones have indications of gas pay. An additional 5 zones of interest totalling approximately 73 feet of thickness were intersected with possible gas pay, these zones will require further analysis of logs to determine prospectivity.
The well still has more than 400 feet to drill before intersecting sands equivalent to the main pay zones intersected in the Kenai Loop #1 ("KL # 1") well. KL #3 well is currently running 100 feet structurally high to the KL # 1 well.
Contact
Dean Gallegos
Mob: +61-416-220-007
Tel: +61-2-9233-2520
http://www.buccenergy.com
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