Offshore staff

SYDNEY, Australia – Buccaneer Energy Ltd. says the Alaskan Industrial Development and Export Authority have voted to invest $30 million as a joint owner in the acquisition of a jackup drilling rig.

Following that, Buccaneer, Ezion Holdings, and AIDEA signed an agreement whereby the two companies each will own 50% of the common ownership of the rig while AIDEA holds 100% of the preferred ownership interest.

The rig is scheduled for Cook Inlet, Alaska, work with the following specifications:
• Capable of drilling to 20,000 ft (6,096 m), in 18-300 ft (5.5-91 m) water depths
• Able to lift 60 ft (18 m) to work on platforms
• High grade steel rated for temperatures as low as -10°
• Strong legs for stability in the heavy currents of Alaskan waters
• Alaskan based and headquartered.

06/08/2011