(MENAFN- ProactiveInvestors - Australia) Buccaneer Energy (ASX: BCC) expects to update the market on the results of production testing from its Kenai Loop-4 well onshore Alaska and has placed its shares into an ASX trading halt.
Wireline logging of Kenai Loop-4 had identified multiple sands with indications of gas within the Tyonek Formation.
Five of these had average thickness of 34 feet each that compare in quality to known productive sands in the Cannery Loop field that adjoins Kenai Loop.
Additionally the equivalents of the 9,700' and 10,000' sands in the producing Kenai Loop-1 well were also intersected in Kenai Loop-4.
Both zones had very good gas shows while drilling.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Wednesday 16 January.
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