Quarterly Activities and Cashflow Report
Sydney, May 1, 2012 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to present its quarterly report for the 3 months to 31 march 2012.
THE HIGHLIGHTS OF THE QUARTER WERE AS FOLLOWS:
- First production revenue from Kenai Loop
- Completed 3D Seismic at Kenai Loop
- Executed agreement to buy Glacier # 1 drilling rig from Marathon Oil Company
- Two key offshore drill permits granted
- Endeavour repairs and modifications progressed
- Raised up to $8.0 million through issue of Convertible Securities
- Executed a Term Sheet to raise US$20.0 million in project finance
- Executed agreement to acquire Cosmopolitan project from Pioneer Natural Resources
- proven reserve base increased to 18.0 mmBoe1
- proven & probable reserve based increased to 31.2 mmBoe1
- p50 resource 60.4 mmBoe
Buccaneer energy's wholly owned subsidiary Buccaneer resources is based in houston, texas and is an upstream oil and gas company. it specialises in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential. Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess significant undeveloped upside.
To view the complete Buccaneer Energy Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-676856.pdf
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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