Kenai Loop Permanent Production Facilities Completed
Sydney, Mar 15, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that construction of the permanent production facilities at the 100% owned Kenai Loop project has been completed.
Production at Kenai Loop has been restarted and currently in ramp up stage back to a combined rate of 9.0 million cubic feet per day ("MMCFD") or 1,500 barrels of oil equivalent per day ("BOEPD"). It is anticipated that the Kenai Loop field's total production rate may be increased to 10.0 - 11.0 MMCFD (1,666 - 1,833 BOEPD) in the coming months. This represents a near 100% increase over the average production rate achieved in 2012.
The Company has a minimum deliverability of 5.0 MMCFD to Enstar under its current gas sales agreement at an annual weighted price of US$6.24/MCF. Incremental production above this level will be sold to the local utilities and third party Cook Inlet commercial gas customers, the Company expects that its' annualised average gas sales price to be a premium to the $6.24 / MCF ENSTAR contract price.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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