Buccaneer provided the following additional results from a technical review of the logs and data from its 100% owned Kenai Loop # 1 well.
A technical review of the logs from the Kenai Loop # 1 well has been completed and the results indicate that 26 separate gas zones were intersected while drilling; this is an increase from the 16 zones originally announced. Total gross pay increased from 510' to 645'.
A flow test over 4 different choke sizes, a 4 point test, was successfully completed on 2 zones (of the 26 intersected) totaling 60' of gross perforated pay out of 87' in gross pay in the two zones, an Absolute Open Flow Potential (AOFP) was calculated as 33.2 million cubic feet per day (MMCFD) from this testing.
The high AOFP demonstrates the excellent permeability and porosity of the 2 zones perforated and tested. The permeability and reservoir pressures are comparable to the Cannery Loop # 1 (CL #1) and Cannery Loop # 4 (CL #4) wells, both of which produced from the comparable Upper Tyonek sands tested in the Kenai Loop # 1 well.
There were 11 wells in total in the Cannery Loop field that produced a total of 178 BCF (~22 MMBOE).
The Company's initial assumptions are that Kenai Loop # 1 will deliver a long term deliverable production rate of 6 - 8 MMCFD (750 - 1000 BOEPD) over an initial 2 years, with approximately 10 BCF being ultimately recoverable from the 2 zones tested. ).
The additional 24 zones that remain untested would be incremental.
Kenai Loop # 1 Previous Results
In the initial phase of the testing program, the Kenai Loop # 1 was successfully tested, flowing gas to the surface at a rate of 10.0 million cubic feet per day on a 20/64" choke with a FTP (flowing tubing pressure) of 3,495 psi.
The Company has up to 26 zones totalling 645' of gross pay identified by logs as test candidates in the Beluga and Upper Tyonek Formations. As the rig needed to be released back to Marathon on 1 June 2011, 2 of the 3 high graded zones in the Upper Tyonek Formation were chosen to be perforated and tested.
The 2 zones total 87' of gross pay were described as follows:
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