Buccaneer spuds Cosmo well

May 14, 2013

Buccaneer Energy has spud the shallow water Cosmo No. 1 well located in Alaska's Cook Inlet, near Anchor Point on the Kenai Peninsula, the company announced on 13 May 2013.

Buccaneer used the Endeavour - Spirit of Independence jack-up rig, which was recently inspected and certified by the Alaskan Oil and Gas Conservation Commission (AOGCC) for operations within Alaskan state waters. Buccaneer said the approval was the final certification necessary to begin drilling operations on the Cosmpolitan (Cosmo) project. Cosmo is located 30 miles to the northwest of Homer, Alaska, in water depths of 80ft.

The Cosmo No. 1 has a targeted vertical depth of 8,000ft. Buccaneer expects operations to take 45 days for drilling and testing. On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas formation. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested. If successfully tested the well will be temporary abandoned as a future gas producer.

Buccaneer co-owns Cosmo with Forth Worth, Texas-based Blue Crest Energy II, LP, which holds 75% interest in the project. Bucaneer operates Cosmo with 25% working interest.

The Cosmo oil accumulation was discovered by Pennzoil in 1967.



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