HOUSTON -- Buccaneer Resources Llc has signed a participation agreement with Houston-based AnaTexas Offshore Inc. and Australian-based Gawler Resources subsidiary Cottesloe Oil and Gas, to move forward with the Pompano redevelopment project. Pompano is in Gulf of Mexico Brazos block 446-L SE/4 in 54 ft (16 m) of water.
Drilling of a planned six wells on the field is expected to begin in fourth quarter, followed by first production shortly thereafter. The $55-million redevelopment is expected to take 12 months, pending drilling results. The field has estimated reserve potential of 200 bcf of natural gas.
"Pompano is exactly the type of low-risk, potentially high-reward property that our strategy targets and is a continuation of our successful two-well effort on High Island block 268 with some of these same partners," says Curtis Burton, CEO of Buccaneer.
Buccaneer Resources recently acquired a 65% interest in the project, Cottesloe owns 25%, and operator AnaTexas holds the remaining 10%.