Kenai Loop Drilling Report
Sydney, Sep 26, 2012 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:
Time:
11.00am (Sydney) 26 September 2012 / 5.00pm (Anchorage) 25 September 2012.
Depth:
7,645' Measured Depth ("MD")
Activity:
Directionally drilling to 8,425' MD where 9 7/8" intermediary casing will be set then vertical drilling to Total Depth ("TD") of 13,000' Total Vertical Depth ("TVD"). Prior to setting casing a wire line logging run will be made for the interval 3,000' - 8,425' MD.
Log while drilling ("LWD") will be employed from the intermediary casing point (8,425' MD).
A permit application has been lodged to deepen well TD to 13,000' TVD to test all seismic anomalies identified on 3D seismic.
Comment:
The primary target in the Kenai Loop # 4 well are 7 stacked potential pay sands in the Tyonek formation, the well will have a bottom-hole location approximately 2,000' north-west of the successful Kenai Loop # 1 well. All of the 7 stacked potential pay sands have been identified and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon indicators.
The targeted pay sands within the Tyonek include the 9,700' and 10,000' sands that are currently producing 5.0 million cubic feet per day ("MMCFD") from the Kenai Loop # 1 well on a 5/64" choke. This gas is being sold to a local utility at an annual weighted price of US$6.24 / MCF.
The Kenai Loop # 4 well has being drilling 14 days and is anticipated to take a total of 35-40 days to drill with an additional 10 days for testing. At this point of operations the well is running ahead of the planned schedule.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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