Cosmo No 1 Well - Progress Report
Sydney, July 9, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to provide the following update on the progress of the Cosmo # 1 well in which the Company has a 25% working interest:
Time: 9.00 am (Sydney) 9 July 2013 / 3.00 pm (Anchorage) 8 July 2013.
Depth: 7,258' Total Vertical Depth ("TVD")
Activity: Drilling ahead to 8,000' Total Depth ("TD")
Primary Zones of Interest
The gas and oil zone with shows intersected at 5,520' measured depth ("MD"), approximately 400' higher than expected requiring 9 5/8" casing to be set at 5,479' MD, has now been fully drilled and logged with Log While Drilling ("LWD") equipment which has indicated 70' - 80' of potential oil pay.
In addition from 5,620' through the current drilling depth, there have been multiple additional sands encountered which total in excess of 200' and which have good oil and gas shows and LWD logs indicate to be potential pay sections. These zones will be further evaluated with sidewall coring and wire line formation test tools for pressure and fluid sampling using the Modular Formation Dynamics Tester ("MDT").
Well Plan:
The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000' ("TD").
Surface casing was set at 800' after which the well was drilled to the top of the Tyonek Formation ("Tyonek") at 2,055' where casing was again set. The 9 5/8" casing was set at 5,479' MD.
The Upper Tyonek gas zones are behind pipe, and the plan is to drill through the Lower Tyonek formation drilling through the proven oil bearing Starichkof and Hemlock formations, and the prospective West Foreland formation. Again, further coring and MDT sampling in the oil formations will be conducted to augment current reservoir data and to further optimize the future oil plan of development. If any commercial gas zones are confirmed by this final open-hole evaluation, an additional casing string may be run for production testing in the deeper interval. While we will be taking samples, at this stage there is no plan to flow test the oil formations.
On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas zones. Those zones identified as potentially commercial through drilling and logging will then be perforated and flow tested. The well will then be temporarily abandoned as a future gas producer.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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