Pompano is a large redevelopment project in the shallow-water Gulf of Mexico. Drilling will commence in the fourth quarter of 2007, with first production coming on line shortly thereafter. Redevelopment on AnaTexas' leases of the Brazos Block 446-L SE/4 Field offshore Matagorda County, Texas, known as the Pompano Prospect, will take up to 12 months if drilling progresses as expected. The combined companies will commit more than $55 million to fully drill and develop up to 200 bcfg in unrisked reserve potential in a six-well program in 54 feet of water.
"I am very pleased to make this announcement together with AnaTexas and Cottesloe. Pompano is exactly the type of low-risk, potentially high-reward property that our strategy targets and is a continuation of our successful two-well effort on High Island 268 with some of these same partners," said Curtis Burton, CEO of Buccaneer.
Buccaneer Resources acquired 65 percent interest, with Cottesloe owning 25 percent interest in the property under the deal terms. AnaTexas will be the operator of the Pompano Prospect.
Jon Stewart, CEO of Gawler Resources and Cottesloe, commented, "This is our second teaming with Buccaneer, and we look forward to similar success to that which we've enjoyed at our High Island property. This is obviously a much larger opportunity with significantly greater upside."
Clint Wainwright, president of AnaTexas, added, "We have been actively working this prospect for several months with these two partners and are pleased to have finalized this agreement with them for near-term commencement of the project."
Buccaneer Resources connects scarce service-industry resources with capital and quality prospects. Buccaneer Resources has stepped into a resource-constrained world to offer services, equipment and capital to small and large independents, with the ability to meet the most specific needs. Buccaneer Resources has negotiated special rates with a group of service, hardware and drilling rig providers and can offer client companies access to its network of equipment and services.
Buccaneer is actively building capital and resource solutions for 10 prospects, both onshore and in the GOM.
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