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.

Categories: News

About Author