Cosmo Progress Report No 10
Sydney, July 23, 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) 23 July 2013 / 3.00 pm (Anchorage) 22 July 2013.
Depth: 7,599' Total Vertical Depth ("TVD")
Activity: 7" liner successfully run and cemented. Cement Bond Log and Vertical Seismic Profile successfully obtained.
Preparing to commence perforation and testing of newly discovered oil and gas zones in the Tyonek Formation and which are above the previously-known oil reservoirs that form the existing Reserves.
Summary of Previous Results
As indicated from logging, MDT and sidewall cores, the Cosmo # 1 well has confirmed the presence of an extensive hydrocarbon column covering numerous formations above the previously known oil reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic formations 200 - 300' higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400' stratigraphically higher than any other wells drilled on the structure to date.
The Tyonek formation, which contained all exploratory targets, was found to have 488' of indicated oil and gas pay, including 18 gas zones and 8 oil zones.
The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this well. The Starichkof formation was found to have 43' of indicated oil pay, and the Hemlock formation was found to have 149' of indicated oil pay.
Not all of the zones intersected will be flow tested; however, the newly-discovered zones will be high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who holds the remaining 75.0% working interest.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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