• Wednesday, 16 May, 2012

Buccaneer takes Cosmo slice

Alaskan stake: Buccaneer will take a 25% stake and become operator of the Cosmopolitan project in Alaska's Cook Inlet

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Josh Lewis , Josh Lewis , Josh Lewis , Josh Lewis

 02 February 2012 02:53 GMT

Australia-listed Buccaneer Energy has gained a 25% working interest in the Cosmopolitan project in Alaska, in a deal which will also see it assume operatorship of the field.

Buccaneer said on Thursday it had executed a purchase and sale agreement for the acquisition of the two main productive leases in the former Cosmopolitan unit from Pioneer Natural Resources Alaska.

The acquisition is being jointly made with Texas-based BlueCrest Energy II which will take on the other 75% working interest in the project.

The undeveloped oil and gas field lies in 50 feet of water in Alaska’s Cook Inlet close to the shoreline at Anchor Point on the Kenai Peninsula.

The project is estimated to contain proven plus probable reserves 90 billion cubic feet of gas and 44 million barrels of oil according to an independent report by consulting firm Ralph E Davis.

Development of the field is expected to take place from late 2012 through to 2014 with the partners eyeing two separate development plans.

The first plan involves a shallow gas development which will be drilled using a jack-up rig, while the second plan is for a deeper oil development which will involve directionally drilled wells from the existing onshore production site on the shoreline.

The pair plans to drill an offshore well towards the end of the year using the Endeavour jack-up rig to further quantify both the oil and gas zones of the project.

Buccaneer is part owner of the Endeavour jack-up through its 50-50 joint venture, Kenai Offshore Ventures, with Singapore-based Ezion Holdings.

Buccaneer said settlement of the Cosmopolitan deal was due on 30 March, adding commercial terms of the transaction remained confidential.

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