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Alaska: Buccaneer, BlueCrest to buy Cosmopolitan

Buccaneer Energy Ltd., Sydney, will acquire a 25% working interest in and become operator of the Cosmopolitan project in southern Cook Inlet offshore Alaska.

BlueCrest Energy II LP, Fort Worth, is acquiring a 75% working interest in Cosmopolitan. The seller, Pioneer Natural Resources Alaska Inc., agreed to extend closing until June 28, 2012.

Cosmopolitan is an undeveloped oil and gas field in 50 ft of water just off Anchor Point on the Kenai Peninsula. Buccaneer noted that Apache Corp. acquired leases surrounding and adjoining Cosmopolitan in the June 2011 state lease sale.

Cosmopolitan has independently estimated proved and probable reserves estimated at 44 million bbl of oil and 90 bcf of natural gas.

Field development involves a gas zone at 3,000-4,000 ft to be drilled with a jack up and an oil zone at 6,000-8,000 ft to be tapped by wells drilled directionally from shore. Water for pressure maintenance in the oil zone would be injected through offshore wells.

An offshore well is planned for late 2012 will further quantify both zones. Development will continue through 2014. Offshore gas wells will be drilled and tied back to the existing onshore site, which will be connected to ENSTAR’s recently completed gas pipeline.


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