Southern Cross Unit No 1 - Progress Report
Sydney, Sep 3, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (BCGYF:OTCMKTS) ("Buccaneer" or "the Company") is pleased to advise that the Endeavour jack-up rig has been successfully mobilised to the Southern Cross # 1 well location.
The Endeavour's legs have been jacked down and the rig's preloading operation was successfully completed over 4 stages. The rig was skidded approximately 40' out into rig operating position, at which point a hammer was used to drive 30" conductor pipe to 326' MD, approximately 170' penetration below the mud line.
The 30" diverter system and mud cross has been installed and preparations are underway to test same. Once tested successfully and the remainder of well control equipment is installed, final testing must be witnessed by the Alaskan Oil and Gas Conservation Commission ("AOGCC"). After this final inspection operations to pick up drilling equipment and spud the well will commence.
The Southern Cross Unit is currently 100% owned by the Company. The Company has executed a farm-out agreement with Los Angeles based EOS-Petro, Inc. ("EOS") where EOS will earn a 50% working interest by paying 100% of the well costs of the first two wells at the Southern Cross Unit, including the Southern Cross # 1 well.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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