Buccaneer Alaska began production of the companies Kenai Loop #4 well in the City of Kenai on Sunday, February 10th.
Buccaneer announced that they are currently producing at 2 million cubic feet of natural gas daily, with a long-term deliverable production rate from the Kenai Loop #4 well estimated to be between 3 and 4 million cubic feet daily.
Jay Morakis with Buccaneer told us that combined with the Buccaneer’s Kenai Loop #1 well; the company’s current total production is 8.5 million cubic feet daily.
The production rate at the Kenai Loop #4 well is currently limited by the installed temporary production facilities, but it is expected that permanent facilities will be completed by April 30, 2013, at which time total production from the Kenai Loop project should be increased to 10 – 11 MMCFD, doubling the production Buccaneer was able to achieve in 2012.
Buccaneer Alaska President, Jim Watt said that the company is very pleased that they were able to put this well into service within 30 days after the successful flow test in mid January, saying “the speed and efficiency our team displayed in going from discovery to production with Kenai Loop #4 is a testament to our learned experience and expertise working in the Alaska marketplace.“
Watt called the continued success of the Kenai Loop project very important to the overall business plan of Buccaneer Energy, and they plan to increase production from Kenai Loop #4, dependent on local gas demand.