(MENAFN- ProactiveInvestors - Australia) Buccaneer Energy (ASX: BCC) is mobilising its jointly owned jack up drilling rig from Singapore to the Cook Inlet, Alaska, where it will drill up to 4 offshore wells.
The first offshore well will be located at Southern Cross, which contains several wells that hit oil and gas but were never tested and has estimated proved and probable reserves of 12.7 million barrels of oil equivalent.
Southern Cross is also located close to the four oil and gas fields that have produced a total of 1.08 billion barrels of oil and over 550 billion cubic feet of gas.
Buccaneer will drill one other well at Southern Cross and another two wells at Northwest Cook Inlet.
Once this drilling program is completed, which is expected in early November, the rig will then be towed to the Cosmopolitan location in the ice free southern Cook Inlet to commence drilling operations there.
Cosmopolitan is an undeveloped oil and gas field located in 15 metres (50 feet) of water in the Cook Inlet and is close to the shoreline at Anchor Point on the Kenai Peninsula.
One well has already being drilled in the field, which is located near some existing infrastructure, providing Buccaneer with nearer term oil and gas production potential compared to its other two Cook Inlet offshore projects. These will still be developed in parallel.
The jack-up rig will drill the first well to further quantify both the oil and gas zones of the project.
This will be followed by drilling oil production wells from the existing onshore production site and offshore water injection wells for reservoir pressure maintenance.
Offshore gas wells will also be drilled and tied back to the existing onshore site that will be connected to ENSTAR's recently completed gas transmission line.
The Endeavour, which is being transported by the Kang Sheng Kou heavy lift vessel, is owned by Kenai Offshore Ventures, a joint venture between Buccaneer and Singapore-listed Ezion Holdings.
First constructed in 1982, the Marathon LeTourneau 116-C class jack-up rig was modified and repaired at Singapore's Keppel Fels shipyard.
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