Kenai Loop 1-4 Well - Progress Report
Sydney, Sep 17, 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: 9.00am (Sydney) 17 September 2013 / 3.00 pm (Anchorage) 16 September 2013.
Depth: 11,396' Measured Depth ("MD")
Activity: The well was deepened to 11,396' MD from the originally planned depth of 10,897' MD. Well bore conditions have meant that the formation below 9,780' MD could not be logged using wireline logging tools. As such, plans are now to forego further logging and run the production liner in order to test the prospective sands.
Logging While Drilling ("LWD") and mud logs are very encouraging for the 9,700' sand with two other prospective gas show sands, including the 10,000' sand. Both the 9,700' and 10,000' sands are productive in the Kenai Loop field. Based on the current information available, the 9,700' sand will most likely be the zone of final completion.
Testing of the well will commence when the production liner has been run and formal approvals for testing have been granted by the Alaskan Oil and Gas Conservation Commission ("AOGCC"). The Company has successfully applied for and been granted spacing exception permits for the previous 3 wells drilled at the Kenai Loop project.
A spacing permit is normally a routine procedure, and the Company lodged an application for a spacing permit for the Kenai Loop # 1-4 well with the AOGCC in mid-June 2013.
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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