Kenai Loop Drilling Report
Sydney, Oct 17, 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) 17 October 2012 / 4.00pm (Anchorage) 16 October 2012.
Depth:
8,705' Measured Depth ("MD")
Activity:
Conducted statutory state testing of 10,000psi blow-out protector ("BOP") equipment and intermediary casing. Drilling operations commenced at approximately 10.00am (Sydney) 17 October 2012.
Drilling ahead to total depth ("TD") of 13,000' total vertical depth ("TVD").
Intermediary casing set to base of Beluga formation at 8,621' MD not 8,425' MD as previously reported.
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.
View the full Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-700611.pdf
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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