Kenai Loop Seismic Update
Sydney, April 24, 2012 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that the 3D seismic program that commenced in December 2011 has been successfully completed. Preliminary evaluation of the quality of the data is very positive and we are looking forward to the results of the 3D seismic processing now in progress. As an exploration expense, up to 65% of the costs associated with the seismic program will be covered by the ACES program through the State of Alaska.
The seismic covered a total of 23.4 square miles and includes the full 9,308 acre (14.5 square miles) lease position on the Company's 100% owned Kenai Loop project located onshore Cook Inlet, Alaska. The final coverage was slightly smaller than the planned 25 square mile program due to some wetland restricted areas but well within our design to properly image our targeted productive horizons.
The 3D seismic was designed to provide high resolution structural and stratigraphic imaging down to 20,000' below surface. This will allow for the further development of the Company's discovery and the assessment of exploratory oil and gas opportunities in the Tyonek and Hemlock formations below the producing formations in the Kenai Loop # 1 gas discovery well.
"Use of the Weems-Global Nodal GPS system eliminated the need for seismic cables and allowed Buccaneer to record seismic data from over 2,000 plus geophones for each shot" Said Craig Moore Buccaneer's Chief Geophysicist.
Data from the 3D seismic is currently being processed and is expected to be completed in the middle of May. On completion the data will be mapped and analysed for geophysical locations of prospective hydrocarbon anomalies. This data will then be integrated into the Company's geological models and used to determine the next well locations in the Kenai Loop area.
The access to modern 3D seismic will be a significant enhancement to the current available 2D seismic that was acquired in the 1970's.
"Our contractor, Weems Geophysical, did an excellent job working with the community to acquire this data and we are looking forward to seeing how this data can improve our drilling program this year. Working with the community is very important since our Kenai Loop project is located very close to downtown Kenai and local businesses. Our activities are very visible to everyone in the community" said Director Dean Gallegos.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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