Bordeaux Energy Inc. and its joint venture participant Savant Alaska LLC announced the Kupcake-1 well located on the North Slope of Alaska commenced drilling.
Under its previously announced agreement with Savant, on drilling the Kupcake-1 well Bordeaux will earn a 30% undivided interest in seven leases currently held by Savant, located on and offshore the North Slope of Alaska. The Leases are situated 20km from the 13.6 billion barrel Prudhoe Bay oil field and immediately adjacent to the 100 million barrel Liberty Field operated by BP but not yet in production.
Bordeaux anticipates drilling of the Kupcake-1 exploratory well will take approximately 30 days to reach its target depth of 3350 metres. The well is expected to cost a total of approximately US$14 million to drill and log, of which Bordeaux's share is currently estimated to be US$5.6 million.
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