Kenai Loop 1-4 Well Progress and Drilling Report # 5
Sydney, Sep 10, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (BCGYF:OTCMKTS) ("Buccaneer" or "the Company") is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 1-4 well:
Time: 12.00 am (Sydney) 10 September 2013 / 6.00 am (Anchorage) 9 September 2013.
Depth: 10,430' Measured Depth ("MD") / 10,233' True Vertical Depth ("TVD")
Activity: We are currently drilling ahead and expect to reach our total depth of 10,897' MD shortly.
After reaching total depth, wireline logs will be run as per the evaluation program.
As expected, there was an increase in gas readings upon intersecting the 9700' sand (productive in Kenai Loop # 1-1 and # 1-3).
Well Plan:
The Kenai Loop # 1-4 well is being drilled from Drilling Pad # 1, which is the same drilling pad as Buccaneer's other Kenai Loop wells and will be drilled to approximately 10,700' TVD / 10,897' MD.
The well is being drilled to a target that appears to be fault separated from the current producing zones in the Kenai Loop # 1-1 and Kenai Loop # 1-3 wells. The current production facilities at Drilling Pad # 1 will need minor upgrades to facilitate production from this new well and preliminary plans have been finalized to perform these upgrades with minimal delays
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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