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Buccaneer unit to move Endeavour jack up to Alaska's Cook Inlet

Kenai Offshore Ventures LLC (KOV), a partially owned subsidiary of Buccaneer Energy Ltd., Sydney, plans to move the Endeavour jack up rig from Singapore to Alaska, where the rig will be offloaded and later towed to Cosmopolitan, a project in the ice-free southern Cook Inlet.

An undeveloped oil and gas field in 50 ft of water offshore Anchor Point on the Kenai Peninsula, Cosmopolitan has independently estimated proved and probable reserves estimated at 44 million bbl of oil and 90 bcf of natural gas.

Buccaneer Energy acquired 25% interest and became operator of Cosmopolitan earlier this year. BlueCrest Energy II LP, Fort Worth, acquired 75% interest in Cosmopolitan. The seller was Pioneer Natural Resources Alaska Inc. (OGJ Online, Apr. 3, 2012).

The Endeavour is expected to depart Singapore by July 31 for a 21-day voyage. In early November, Buccaneer anticipates towing the rig to the Cosmopolitan project site.

As previously announced, Keppel FELS shipyard in Singapore repaired and modified the Endeavour to meet US offshore drilling standards.

The Endeavour’s ability to operate in 300 ft of water makes it suitable for most water depths in the Cook Inlet and northern Alaskan waters. Constructed of steel rated for -10° C., the rig can work safely in the Arctic, including the Chukchi Sea and Beaufort Sea. Endeavour features two blowout preventers.

KOV completed a $68.5 million acquisition of the GSF Adriatic XI jack up rig from Transocean Offshore Resources Ltd., and renamed the rig Endeavour-Spirit of Independence (OGJ Online, Nov. 15, 2011).

The Endeavour is a Marathon LeTourneau 116-C jack up, constructed in 1982 and upgraded in 2004.

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