Buccaneer makes headway on Cook Inlet jackup

Buccaneer Energy Ltd. says the Alaska Industrial Development & Export Authority has approved spending to further develop agreements to allow investing $30 million to acquire, modify, and mobilize a jackup rig to Cook Inlet, Alaska.

Offshore staff

SYDNEY, Australia – Buccaneer Energy Ltd. says the Alaska Industrial Development & Export Authority has approved spending to further develop agreements to allow investing $30 million to acquire, modify, and mobilize a jackup rig to Cook Inlet, Alaska. If acquired, the rig is to be made available to third parties to develop hydrocarbon resources in the Inlet.

There are several steps yet to be taken before the plan results in an available rig. One of those is a commitment by Buccaneer to drill at least four wells with the rig in Cook Inlet and to start during the 2011 drilling season.

Buccaneer says it already has air quality permits and is pursuing the remaining permissions.

In a separate negotiation, AIDEA is looking into a joint venture to become a shareholder in Asian based offshore vessel operator KOV.

02/17/2011

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