Buccaneer Reports a Second Successful Production Test at Cosmo # 1

Buccaneer Energy Limited (Buccaneer or the Company) reported that Sunday, Aug. 11 (Sydney), a 66 feet section of the sand at approximately 4,300 feet measured depth (MD) was perforated and flow tested in the Cosmo # 1 well off Alaska, United States, in which the Company has a 25 percent working interest.

The well has successfully tested gas at a maximum rate of 7.3 cubic feet per day (MMcf/d) on a 30/64 inch choke with a flowing tubing pressure (FTP) of 1,350 pressure per square inch (psi) and no water. Gas was flared at the location.

A four-point test was carried out to estimate the absolute open flow potential (AOFP) of the reservoir. Once the pressure data is recovered from down-hole testing equipment, and the AOFP finalized, a further release will be made.

These results are in addition to the first gas production test on a 73 feet sand section at approximately 5,500 MD. The zone successfully tested gas at a maximum rate of 7.2 MMcf/d on a 30/64 inch choke with a FTP of 1,318 psi and no water. The AOFP of this section was calculated as 9.4 MMcf/d.

At this stage, only the above two gas zones within the Tyonek Formation will be tested; however, there are multiple additional shallow gas zones within the Tyonek Formation, which may be seen and tested in future appraisal wells. The Cosmo # 1 test results are seen by the Company to be extremely positive. The Company will now proceed with a new third party reserve estimate and finalization of field development plans and capital expenditure estimates. The Cosmo # 1 well will now be suspended as a future production well.

Once operations are completed at the Cosmo # 1 well the Endeavour, Spirit of Independence (300' ILC), will be mobilized to the Southern Cross Unit to spud the Southern Cross # 1 well.

Summary of Previous Results

As indicated from logging, MDT and sidewall cores, the Cosmo # 1 well has confirmed the presence of an extensive hydrocarbon column covering numerous formations above the previously known oil reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic formations 200-300 feet higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400 feet stratigraphically higher than any other wells drilled on the structure to date.


12

View Full Article

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
Frac Supervisor - TX, ND, WY & OK
Expertise: WellSite Supervisor
Location: El Reno, 
 
United States Bossier City: Service Supervisor I - Frac/Acid
Expertise: Field Service Tech|WellSite Supervisor
Location: Bossier City, LA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours