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Buccaneer Energy Limited(ASX:BCC)Kenai Loop Logging Results  Join our daily free Newsletter

MENAFN - ABN Newswire - 11/11/2012

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Buccaneer Energy Limited (ASX:BCC) is pleased to advise that a set of wire line logs were successfully run from the intermediary casing point of 8,609' to the total depth of 13,080'. These logs measure porosity and resistivity of the reservoirs as well as the presence of gas within the individual sand packages encountered.

The logging has identified multiple sands with indications of gas within the Tyonek Formation. This includes 5 separate sands that have an average thickness of 34' each and that compare in quality to known productive sands ('A' zones) in the Cannery Loop field that adjoins Kenai Loop, with each of these sands having gas shows while drilling. Further testing is needed to confirm these zones can be commercially produced as they were at Cannery Loop, the Cannery Loop field has produced 180 BCF (30 MMBO).

Additionally the equivalent 9,700' and 10,000' zones that are productive in the Kenai Loop # 1 well and producing a combined 6.0 MMCFD (1000 BOEPD) were also encountered in Kenai Loop # 4 well with both of these zones having very good gas shows while drilling. The 3D seismic indicates these sands are continuous from the Kenai Loop # 1 well to the south-east. In the Kenai Loop # 4 well, the 9,700' sand is 24' thick and the 10,000' sand is 76' thick.

Additionally the Kenai Loop # 4 well has also encountered several additional sands that appear to be gas bearing, but do not compare with known productive sands ('B' zones) in either the Cannery Loop or Kenai Loop fields. Side wall cores and fluid samples were planned to determine if any of these sands have the potential to produce. However, the well condition in the lower section of the well deteriorated and the decision was made to run and cement casing prior to this information being gathered.

Further preparation of the well for installing the casing is in progress.

A production testing program is now being designed for the above 'A' Zones and will commence as soon as the Company receives its spacing permit from the Alaskan Oil and Gas Conservation Commission ("AOGCC"). This is anticipated to be granted on 27 or 28 November Anchorage, Alaska time.

The results to date are very encouraging and are at the upper end of the Company's expectations at this point in the development of the area.


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