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NEWS BULLETIN

August 27, 2012 --- Vol. 18, No. 63August 2012

Endeavour rig arrives in Alaska

The Endeavour – Spirit of Independence arrived in Cook Inlet just before the weekend.

The jack-up rig pulled into the port of Homer on Aug. 24 aboard the Kang Sheng Kou heavy lift vessel, according to Buccaneer Energy Ltd., a partner on the project.

Endeavour will undergo work and regulatory inspections in Homer before being towed to the Buccaneer-operated North West Cook Inlet unit for final preparations before drilling its first Alaska well. The unit is on the northern boundary of the North Cook Inlet unit.

Buccaneer also plans to use the rig at the Cosmopolitan prospect this fall and winter.

The Marathon LeTourneau 116-C jack-up rig left Singapore earlier this summer.

—Eric Lidji

Linc provides Umiat reserve estimates

Linc Energy Inc. has released third-party estimates for the Umiat prospect.

The consulting firm Ryder Scott Co. LP estimates that the undeveloped oil field in the Brooks Range foothills contains 154.5 million barrels of proved and probable (P2) oil equivalent and 194 million barrels of proved, probable and possible (P3) oil equivalent.

Umiat is generally believed to have 1 billion barrels of oil in place.

Linc plans to drill as many as five wells at Umiat this winter.

—Eric Lidji

See stories in Sept. 2 issue, available online Friday Aug. 31 at 11 a.m. at www.PetroleumNews.com

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