Kenai Loop Testing Update
Sydney, Dec 21, 2012 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that the small leak in the well liner has been plugged using a cement squeeze.
The casing and liner have been successfully pressure tested and it is anticipated that perforation and production testing operations will commence in approximately 3 days.
Background
Wire line logging of the Kenai Loop # 4 well has identified multiple sands with indications of gas within the Tyonek Formation. This includes 5 separate sands that have an average thickness of 34' each ('A' Zones) and that compare in quality to known productive sands in the Cannery Loop field that adjoins Kenai Loop, with each of these sands having gas shows while drilling. Further testing is needed to confirm these zones can be commercially produced as they were at Cannery Loop, the Cannery Loop field has produced 180 BCF (30 MMBO).
Additionally the equivalent 9,700' and 10,000' zones that are productive in the Kenai Loop # 1 well and producing a combined 6.5 MMCFD (1080 BOEPD) were also encountered in Kenai Loop # 4 well with both of these zones having very good gas shows while drilling. The 3D seismic indicates these sands are continuous from the Kenai Loop # 1 well to the south-east. In the Kenai Loop # 4 well, the 9,700' sand is 24' thick and the 10,000' sand is 76' thick.
Additionally the Kenai Loop # 4 well has also encountered several additional sands that appear to be gas bearing ('B' Zones), but do not compare with known productive sands in either the Cannery Loop or Kenai Loop fields.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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