Quarterly Activities and Cashflow Report
Sydney, July 31, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to present its quarterly report for the 3 months to 30 June 2013. The last 3 months have again been an exceptionally busy period for the company.
The highlights up until the date of this report are as follows:
- Quarterly Gross Production Revenue of US$4.9 million
- Achieved production milestone of 3.0 BCF produced from Kenai Loop field
- Average 12 month Operating Netbacks of US$5.12/ MCF
- Drilling permits for next Kenai Loop well # 1 - 4 approved
- Submitted Kenai Loop sub surface mapping and data to independent reserve engineer Ralph E Davis
- Executed farm-in agreement with ConocoPhillips for North Cook Inlet ("NCI") Deep Oil Rights
- West Eagle Plan of Operations approved by DNR
- Netherland Sewell certifies Proven & Probable (2P) Reserves OF 38.5 MMBOE Proven & Probable (2P) Reserves for NCI Deep Oil Rights with PV10 of US$732 million;
- Cosmo # 1 well drilled to Total Depth of 7,599' and intersects previously unknown oil and gas zones in Tyonek Formation
yy Executed a non binding Letter of Intent to farm-out Alaskan offshore portfolio for $150 - $200 million in committed expenditure
- Successfully raised $36.5 Million in Rights Issue
- Attracted new 19.99% cornerstone shareholder
- Held shareholders meeting to consider resolutions pursuant to s249D Notice
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-747465.pdf
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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