Buccaneer increases Kenai estimate - June 26, 2011

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2011

Vol. 16, No. 26

Week of June 26, 2011

Buccaneer increases Kenai estimate

Buccaneer Energy Ltd. is increasing its estimates at the Kenai Loop No. 1 well.

After an additional review of well logs, the Australian independent now believes the onshore Cook Inlet well intersected 26 separate gas bearing zones in the Beluga and Upper Tyonek formations, rather than 16 zones as previously thought. Buccaneer now believes that Kenai Loop No. 1 encountered 645 feet of gross pay, up from 510 feet.

Because of limited rig availability, Buccaneer only perforated and tested two of the three highest-graded zones it identified after drilling the well, totaling 87 feet of gross pay.

The well flowed at an initial rate of 10 million cubic feet per day.

—Eric Lidji

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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