NEWS BULLETIN

July 19, 2012 --- Vol. 18, No. 47July 2012

Buccaneer executes heavy lift contract to bring jack-up rig to Cook Inlet

Buccaneer Energy Ltd. is getting ready to bring its jack-up rig to Alaska.

Kenai Offshore Ventures LLC, a subsidiary of the Australian independent, recently completed a heavy lift contract to move the Endeavour rig to Alaska from Singapore.

Buccaneer expects the rig to depart in late July and arrive 21 days later in the Cook Inlet, where the company plans to use it at as many as three offshore prospects this year.

After completing summer work at Southern Cross and Northwest Cook Inlet, Buccaneer will move the rig south sometime in early November to drill at the Cosmopolitan project.

In partnership with the Alaska Industrial Development and Export Authority, Kenai Offshore Ventures bought the Transocean Adriatic XI jack-up rig last September for $68.5 million and renamed it Endeavour — Spirit of Independence. The rig has since been undergoing repairs and upgrades at the Keppel FELS Shipyard in Singapore.

—Eric Lidji

See story in July 22 issue, available online at 11 a.m. Friday, July 20, at www.PetroleumNews.com


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