The Australian independent is no longer asking state officials to extend drilling deadlines at the Southern Cross and North West Cook Inlet units. The decision means the unit will terminate and some of the leases at the units will expire retroactive to their primary terms.

The decision allows the company to put its limited time, money and equipment toward three other Cook Inlet projects this year, Buccaneer said in a statement on Jan. 28.

Those projects are the onshore Kenai Loop gas field, the onshore West Eagle unit where the company recently spud an initial exploration well, and the offshore Tyonek Deep prospect, which is a deep oil target at the ConocoPhillips-operated North Cook Inlet unit.

Buccaneer also said it recently closed two major asset sales and reorganized its debt. Even so, the company expects it “will need to have access to additional working capital in the short term” to pay its debts, meet its obligations and fund its drilling program.

—Eric Lidji