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NEWS BULLETIN

June 07, 2011 --- Vol. 17, No. 50June 2011

AIDEA signs Joint Ownership Agreement for jack-up rig

The Alaska Industrial Development and Export Authority took another step toward investing $30 million in a jack-up drilling rig yesterday by executing a joint ownership agreement with Buccaneer Energy Ltd. and Ezion Holdings Ltd.

By the signing the deal, the public corporation of the State of Alaska and the two private companies agreed to terms for buying, upgrading and moving a jack-up rig to Alaska.

Before AIDEA is required to commit any funds to the roughly $85 million venture, called Project Endeavour, Buccaneer and Ezion must meet 15 conditions. AIDEA said it expects the companies to meet those conditions and close the deal by the end of June.

The parties are looking to purchase the Transocean Adriatic XI, currently dry docked in Singapore. AIDEA expects the rig to begin its trip to Alaska later this year and start drilling in Cook Inlet either at the end of this season or in the 2012 drilling season.

“The execution of this Joint Ownership Agreement is a major step forward in our efforts to accelerate the development of oil and gas resources in Cook Inlet,” AIDEA Chairman of the Board Hugh Short said in a prepared statement. “The process to getting here involved long and complex negotiations, and I commend AIDEA’s team for their hard work undertaken with eyes consistently on the goal.”

See full story in June 12 issue, available online at 11 a.m., Friday, June 10 at www.PetroleumNews.com

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