BlueCrest gets more time to secure Cosmo funds

More time: Pioneer has granted BlueCrest a second extension on the settlement date for the Cosmo project in Alaska

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Josh Lewis

 27 July 2012 03:20 GMT

Pioneer Natural Resources has again extended the deadline for the settlement of the sale of its Cosmopolitan project in Alaska.

Pioneer agreed to sell the field to Texas-based BlueCrest Energy and Australia’s Buccaneer Energy earlier this year for an undisclosed sum, with the pair taking a 75% and 25% stake respectively.

Buccaneer said Pioneer had so far granted two extensions to the settlement date but noted both had been requested by BlueCrest.

The latest extension pushes back the settlement date until 14 August to give BlueCrest more time to put financing in place to settle its share of the purchase. The deal had originally been scheduled to settle on 30 March.

Buccaneer said it…

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