Buccaneer to redevelop Gulf of Mexico field

Buccaneer Resources signed a letter of intent with AnaTexas Offshore for redevelopment of Brazos Block 446-L's SE/4 field in the Gulf of Mexico's Pompano prospect off Matagorda County, Tex.

By OGJ editors
HOUSTON, June 18 -- Buccaneer Resources LLC has signed a letter of intent with AnaTexas Offshore Inc. for redevelopment of Brazos Block 446-L's SE/4 field in the Gulf of Mexico's Pompano prospect off Matagorda County, Tex. The two Houston companies plan to begin drilling operations in the third quarter.

The companies will commit more than $50 million to drill and complete as many as six wells and intend to conduct 3D seismic surveys and use enhanced recovery technology in the field.

AnaTexas will be operator. Buccaneer and its partners will own 90% interest in the prospect before payout.

Royal Dutch Shell PLC discovered the Pompano prospect in 1966 in 54 ft of water, and the property was operated by Zapata Corp. during the 1990s.

"[Pompano] closely parallels our first success in January 2007, where a multiple stacked-pay objective was successfully drilled and is currently being placed on production," said Buccaneer Chairman and Chief Executive Curtis Burton.

He said the company continues to seek funding partners and expects over the coming months to partner on at least three other similar-sized properties.

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