Buccaneer Closing West Eagle, Applying For Credits

Buccaneer Alaska LLC is asking the state of Alaska to help pay for the cost of drilling a well near Homer that came up dry.


Monday the Australian petroleum drilling company announced it plans to file for nearly $3.1 million in credits offered as an incentive for Cook Inlet drilling.


It’s been reported Buccaneer plans to plug the dry well that cost more than $9 million 20 miles northeast of Homer.


The company stopped work at the West Eagle No. 1 well at 3,700 feet.


Buccaneer also wants two $600,000 performance bonds returned from the state.


The state Department of Natural Resources in December said the state planned to keep one $600,000 bond because Buccaneer missed a Dec. 1 deadline to start drilling.

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