Exploration & Production | Operational Updates | Drilling / Well Results
Buccaneer West Eagle Comes Up Dry
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Buccaneer Energy Limited has provided the following update on the West Eagle #1 well:
West Eagle #1
The well reached a depth of 3,700 feet, with the primary targeted sand packages encountered as expected. Having reached this depth, Buccaneer then analysed the data available to it, and while the analysis confirmed that the sands encountered exhibited excellent reservoir qualities, there were no indications of the presence of hydrocarbons in the targeted zones.
Failure of the primary objective has significantly increased the risks associated with the deeper objectives. Accordingly, the decision has been made to not drill any deeper at this location and plug and abandon the well.
Curtis Burton, CEO of Buccaneer, said: "After having enjoyed discoveries at the Kenai Loop and Cosmopolitan fields, the results of the West Eagle well are disappointing. The company will now focus its efforts towards Tyonek Deep and Kenai Loop."
The Board of Buccaneer is considering the impact of the unsuccessful drilling of West Eagle #1 on its recapitalisation plan. Discussions with major shareholders and third parties regarding financing are in progress.