Buccaneer Energy reported that the Alexander # 1 in Lee County, Texas is currently at 5,727’.
At approximately 12.15pm on Thursday 9 September 2010 the well started to flow oil and gas. The Company’s assessment is that the current production is from the mid to lower Austin Chalk. The gas is being flared and the oil is being produced into tanks on site.
The intention is to flow the well for a number of days until it stabilises, then consideration is being given to drilling ahead whilst producing the well.
The well will now be drilled to a Total Depth of 6,250’ which will ensure that the Eagle Ford Shale section is fully drilled.
The participants in the Lee County project include Buccaneer Resources, a subsidiary of Buccaneer Energy with 52.50%, Sandstone Energy with 38.75% and Megashine International Ltd 8.75%.
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