Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to announce that it has been advised by AnaTexas Offshore (“AnaTexas” or “the Operator”) that the installation of the 36” caisson through which SL 103229 #1 will be drilled has been completed.
Hercules Offshore Rig 152 commenced mobilisation at 9.30am (US Central Time) on 9 January 2008. Subject to weather conditions it is expected the rig to be onsite over the weekend with preparations to spud SL 103229 #1 commencing immediately.
The well is designed to test and develop seven gas sands from 3,800 feet to a measured depth of 7,940 feet and is projected to ake thirty days to drill and complete.
AnaTexas has advised the Company that the fabrication and installation of the caisson was completed approximately 15-20% below budget.
EXR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
