The rights cover 23,368 acres of drilled and tested oil formations and are held by ConocoPhillips’ North Cook Inlet Unit (NCIU).
According to Buccaneer, NCIU has produced nearly 1.9 trillion cubic feet of gas from the shallow Sterling and Beluga formations since the 1960s. Its gas production is currently being predominantly used to supply ConocoPhillips’ wholly-owned liquefied natural gas facility.
As part of the farm-in deal, Buccaneer has entered into a licence agreement for existing 3D seismic data covering both the deep oil rights acreage and parts of Buccaneer’s North West Cook Inlet Unit.
