Buccaneer Energy Ltd. expects to close on its acquisition of the Cosmopolitan prospect by mid-August, should its majority partner secure financing for its share of the deal.
The Australian independent and a privately owned firm out of Fort Worth, Texas called BlueCrest Energy II, LP announced plans in February to buy the Cook Inlet oil and gas field from Pioneer Natural Resources Alaska Inc. But BlueCrest has since requested and received two extensions to close the deal, according to a recent Buccaneer statement.
The most recent extension gives the companies until Aug. 14 to close the deal.
Under the proposal, BlueCrest would acquire a 75 percent working interest in the two leases off the coast of Anchor Point in the southern Kenai Peninsula. Buccaneer would acquire the remaining 25 percent interest and would also operate the prospect.
The companies have not disclosed the value of the deal.
Buccaneer recently secured financing for its share of the deal and announced plans to use the Endeavour jack-up rig to begin exploring the prospect as soon as early November.
Buccaneer also said it has been “working with third parties who have expressed an interest in the Cosmo transaction and who have substantial financial capabilities." The parties have “confirmed that they would like to proceed and fund the acquisition of the remaining 75 percent working interest if BlueCrest is unable to proceed to settlement.”
See full story in August 5 issue, available online at 11 a.m. Friday, August 3, at www.PetroleumNews.com