Buccaneer has entered into a contract for a rig to drill the Kenai Loop project. The contract has been executed with Marathon Oil for the Glacier Drilling Rig # 1. The rig has been used for several similar wells in the area and its experienced crews make it a preferred choice for Buccaneer's first well in Alaska.
The rig is being re-located to a staging area near the Kenai Loop project area to enable final movement to the drill site without delays from spring thaw and to facilitate final preparations for the upcoming project. The Company expects that the well will spud in mid April 2011 on completion of drill site construction and finalisation of remaining service/equipment providers. The Company will advise an expected spud date once these arrangements have been finalised.
Kenai Loop is an onshore gas play located in the eastern Cook Inlet Basin in the northern part of the Kenai Peninsula near the city of Kenai (see attached map). The Company has now acquired 100% working interest (80% to 86.5% net revenue interest) in approximately 9,009 acres from multiple landowners.
Features of the Kenai Loop Project are as follows:
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