Buccaneer Seeing Good Work in Cosmo Unit

Posted: July 30, 2013 at 12:32 pm

Buccaneer Alaska has announced that the company has discovered two-oil zones within the Tyonek Formation at the companie’s cosmopolitan unit.

Officails with Buccaneer said that after a a moderate “blow”, swabbing resulted in good oil recovery.

Dean Gallegos with Buccaneer said that the Endeavour rig has very limited oil storage capability and more extensive flow testing of the oil zones cannot be conducted at this time.

This recovered oil is being analyzed in further detail.

The Tyonek formation, which contained all exploratory targets, was found to have 488’ of indicated oil and gas pay, including 18 gas zones and 8 oil zones.

The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this well. The Starichkof formation was found to have 43’ of indicated oil pay, and the Hemlock formation was found to have 149’ of indicated oil pay.

Gallegos said that not all of the zones intersected will be flow tested; however, the newly-discovered zones will be high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who holds the remaining 75.0% working interest in the unit.

 

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