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3P prospective resources, not 2P "reserves" by any stretch. Drilling Alaska will be a defining moment either way but it's a long way off.
BCC - Buccaneer Energy
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Buccaneer Energy Provides Lee County Project Update
Tuesday May 11, 2010, 11:23 am
Original Announcement: Lee County - Operational Update
Buccaneer Energy provided a Lee County project operational update, reporting the Vick #2 well spudded at approx. 8.30am on 29 April 2010 EST. The well was drilled to 5,239 feet where 5 1/2" casing was set, wireline logs were run and are being reviewed. The Nicklos #1 rig has been released and the Nabors Rig has been moved from the Vick #1 location and is onsite, rigging up to prepare to drill ahead. It is expected to recommence drilling operations in the next 24-36 hours to deepen the well to target depth. The Company also reported that at Vick #1 wellhead plumbing and surface flowback equipment is being installed and production tubing has been delivered to the site in preparation for completion of the well. A completion rig has been located and is expected to be onsite to commence operations in the next 48 hours.
Tuesday May 11, 2010, 11:23 am
Original Announcement: Lee County - Operational Update
Buccaneer Energy provided a Lee County project operational update, reporting the Vick #2 well spudded at approx. 8.30am on 29 April 2010 EST. The well was drilled to 5,239 feet where 5 1/2" casing was set, wireline logs were run and are being reviewed. The Nicklos #1 rig has been released and the Nabors Rig has been moved from the Vick #1 location and is onsite, rigging up to prepare to drill ahead. It is expected to recommence drilling operations in the next 24-36 hours to deepen the well to target depth. The Company also reported that at Vick #1 wellhead plumbing and surface flowback equipment is being installed and production tubing has been delivered to the site in preparation for completion of the well. A completion rig has been located and is expected to be onsite to commence operations in the next 48 hours.
Buccaneer Energy Announces Bill Signed for Significant New Incentives in Alaska
Wednesday May 12, 2010, 11:36 am
Original Announcement: Governor Parnell signs Bill for Significant New Incentive
Buccaneer Energy announced that Governor Parnell has signed the Bill to make law a significant amendment to Alaska's Clear and Equitable Share (ACES) program. As advised on 21 April 2010, the statutory amendments enacted with this legislation will establish a tax credit of up to US$25m for exploration wells drilled into the pre-tertiary strata of the Cook Inlet with a jack-up drilling rig. The new incentive provides for the following: if Buccaneer drills the first well in the Cook Inlet using a jack-up rig, it will be eligible to claim up to US$25m of all drilling costs, including rig mobilisation costs. If its drills the second well, the claim will be US$22.5m, and if its drills the third well, it is entitled to claim US$20m.
Wednesday May 12, 2010, 11:36 am
Original Announcement: Governor Parnell signs Bill for Significant New Incentive
Buccaneer Energy announced that Governor Parnell has signed the Bill to make law a significant amendment to Alaska's Clear and Equitable Share (ACES) program. As advised on 21 April 2010, the statutory amendments enacted with this legislation will establish a tax credit of up to US$25m for exploration wells drilled into the pre-tertiary strata of the Cook Inlet with a jack-up drilling rig. The new incentive provides for the following: if Buccaneer drills the first well in the Cook Inlet using a jack-up rig, it will be eligible to claim up to US$25m of all drilling costs, including rig mobilisation costs. If its drills the second well, the claim will be US$22.5m, and if its drills the third well, it is entitled to claim US$20m.
Buccaneer Energy Provides Lee County Project Update
Friday May 14, 2010, 12:02 pm
Original Announcement: Lee County - Strong Oil and Gas Shows
Buccaneer Energy provided an operational update for the Lee County Project, reporting that the Vick #2 well is currently at 5,800ft, with anticipated total depth approximately 6,100ft. The well entered the Lower Austin Chalk (LAC) at approximately 5,690ft as anticipated and is still drilling in the LAC. The well started having strong gas shows, with heavy gases, from 5,400ft. The maximum gas readings recorded have been 2900 units. The well also had oil shows (36 degree API) and approximately 1/4" of oil accumulated on top of the mud pits. Oil and gas shows of this type have continued to the current depth. The well is anticipated to reach total depth shortly at which time wire-line logs will be run.
Friday May 14, 2010, 12:02 pm
Original Announcement: Lee County - Strong Oil and Gas Shows
Buccaneer Energy provided an operational update for the Lee County Project, reporting that the Vick #2 well is currently at 5,800ft, with anticipated total depth approximately 6,100ft. The well entered the Lower Austin Chalk (LAC) at approximately 5,690ft as anticipated and is still drilling in the LAC. The well started having strong gas shows, with heavy gases, from 5,400ft. The maximum gas readings recorded have been 2900 units. The well also had oil shows (36 degree API) and approximately 1/4" of oil accumulated on top of the mud pits. Oil and gas shows of this type have continued to the current depth. The well is anticipated to reach total depth shortly at which time wire-line logs will be run.
Buccaneer Energy Announces Vick #2 Producing at 500 BOPD
Tuesday May 18, 2010, 11:09 am
Original Announcement: Vick 2 in Production
Buccaneer Energy provided an operational update, reporting the Vick #2 well reached Total Depth of 6030 ft at approx. 7pm 14 May 2010 EST. Electric-line logs were then run and on completion of the logging run, wellbore fluids began flowing from the well unexpectedly. The well was shut-in for approx. 12 hours and a wellbore pressure build-up was observed and analysed. The flow testing has resulted in a producing rate of approx. 500 BOPD. A buyer is currently being arranged to purchase this oil.
Tuesday May 18, 2010, 11:09 am
Original Announcement: Vick 2 in Production
Buccaneer Energy provided an operational update, reporting the Vick #2 well reached Total Depth of 6030 ft at approx. 7pm 14 May 2010 EST. Electric-line logs were then run and on completion of the logging run, wellbore fluids began flowing from the well unexpectedly. The well was shut-in for approx. 12 hours and a wellbore pressure build-up was observed and analysed. The flow testing has resulted in a producing rate of approx. 500 BOPD. A buyer is currently being arranged to purchase this oil.
prawn_86
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Good unexpected news here.
Any O&G geos care to comment as to if it is sustainable? Company is assessing options at the moment as it is flowing from the vertical well, without the horizontal being drilled. Is it possible they just hit a small pocket? Or is it likely it will continue to flow?
500 bopd equates to about $18k USD per day to Buccaneer before costs.
Any O&G geos care to comment as to if it is sustainable? Company is assessing options at the moment as it is flowing from the vertical well, without the horizontal being drilled. Is it possible they just hit a small pocket? Or is it likely it will continue to flow?
500 bopd equates to about $18k USD per day to Buccaneer before costs.
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It's a very good result so far but two things to note:
1.They own 52.5% of it.
2. The flow rates in the area do drop off quickly and horizontal drills and fracs are expensive. Approx $2M for a horizontal.
Good news however and long term holders would be encouraged.
1.They own 52.5% of it.
2. The flow rates in the area do drop off quickly and horizontal drills and fracs are expensive. Approx $2M for a horizontal.
Good news however and long term holders would be encouraged.
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Re: BCC - Buccaneer Energy Vic #2
While it is true that horizontal legs and fracks are expensive, this well started flowing without needing to drill the expensive part of the well. This is very good for the Lee County play. The Vic #1 is waiting to be put on production as well and that well has a horizontal all ready in place. If Vic. 2 continues flowing for several days that production will more than offset the cost of drilling both wells. If LC continues to move quickly, this well took less than 30 days and the production holds even for a little while this a home run. Couple this production with the natural gas from Pompano and remember the upside that will be coming from Alaska, drilling on-shore, and this stock is woefully under priced.
While it is true that horizontal legs and fracks are expensive, this well started flowing without needing to drill the expensive part of the well. This is very good for the Lee County play. The Vic #1 is waiting to be put on production as well and that well has a horizontal all ready in place. If Vic. 2 continues flowing for several days that production will more than offset the cost of drilling both wells. If LC continues to move quickly, this well took less than 30 days and the production holds even for a little while this a home run. Couple this production with the natural gas from Pompano and remember the upside that will be coming from Alaska, drilling on-shore, and this stock is woefully under priced.
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Buccaneer Energy, Lee County Update
While the current announcement is less than exciting, a new video popped up on World Energy that shows us the site and the activity. It shows that this drill site is in backyard of the residents of Texas and any production should be attached to a pipeline and sold quickly.
I did not realise how close to Houston and Austin this project is.
http://www.youtube.com/watch?v=PjlG627DY0U
Worth watching.
While the current announcement is less than exciting, a new video popped up on World Energy that shows us the site and the activity. It shows that this drill site is in backyard of the residents of Texas and any production should be attached to a pipeline and sold quickly.
I did not realise how close to Houston and Austin this project is.
http://www.youtube.com/watch?v=PjlG627DY0U
Worth watching.
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The jury is still out on Vick 2. It appears to be a very low pressure well hence only needing water to keep the wellbore fluids at bay. Some of these chalk reservoirs open up solidly on initial flows and then deplete very quickly. I think the market will wait to see one month test data before it gets too excited. By end of financial year, we will have a very good idea of the long term productive capabilities of Vick 2. It's just too early to tell one way of the other.
prawn_86
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I had very similar thoughts. Im not geo, but thought that when it started flowing they may just have hit a small pocket without the needing to frac.
Agree that time will be needed to properly assess.
One thing im glad is that things are happening quickly, i just hope the horizontals happen at a fast pace too. I was worried they would get caught up in the compliacted nature of the area and take a long time to drill.
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President Obama today announced that the drilling ban on deepwater drilling was going to stay intact for the next 6 months. He also cancelled the lease sales for Virginia. He also postponed the drilling permits in federal waters of Alaska for Shell and Marathon Oil.
The question would be what does this do for a small producer like Buccaneer Energy (BCC) if the ban remains. Actually one of the advantages that BCC has is that it opted to work in State controlled waters and low risk on-shore positions.
So the net effect the ban has on BCC is relatively positive. First, the commodity prices should actually rise. The deepwater is the big producer in the Gulf of Mexico and it has a 25 to 30% annual decline rate. So taking that into consideration, the shallow plays and on-shore opportunities will be sold into a better commodity market.
Additionally, the people who would have been working off shore are now going to be available to work for BCC so the service industry should see some price declines. Again, not good for the service companies but potentially good for BCC.
Since the majors cannot drill in the deepwater, they may find partnering with BCC on the Cook Inlet highly attractive, and since in Alaska that may be the only work going on, it may drive more interest from Apache and others.
Lastly, on-shore opportunies like Lee County and West Eagle become very important to the country, so again, BCC is well placed to take advantage of this situation to the benefit of shareholders.
The question would be what does this do for a small producer like Buccaneer Energy (BCC) if the ban remains. Actually one of the advantages that BCC has is that it opted to work in State controlled waters and low risk on-shore positions.
So the net effect the ban has on BCC is relatively positive. First, the commodity prices should actually rise. The deepwater is the big producer in the Gulf of Mexico and it has a 25 to 30% annual decline rate. So taking that into consideration, the shallow plays and on-shore opportunities will be sold into a better commodity market.
Additionally, the people who would have been working off shore are now going to be available to work for BCC so the service industry should see some price declines. Again, not good for the service companies but potentially good for BCC.
Since the majors cannot drill in the deepwater, they may find partnering with BCC on the Cook Inlet highly attractive, and since in Alaska that may be the only work going on, it may drive more interest from Apache and others.
Lastly, on-shore opportunies like Lee County and West Eagle become very important to the country, so again, BCC is well placed to take advantage of this situation to the benefit of shareholders.
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Three months to tell us Vick 1 MIGHT get to 200+ bopd. What a crock of garbage. They knew all along and now trying to camouflage it with an average Vick 2 report.
These are typical complex Austin Chalks. High initial flow, then limp like a weak garden hose and they only own 52.5%.
This Lee County project will not even cover wages. That's why they went to Alaska.
Now BCC announce an increase in lease acreage in Lee County. Funny that. I thought Curtis said they were going to Alaska because Lee County was not a company maker. So what do they do? Spend more money in Lee County whilst still having issues with the Vick 1 and Vick 2 wells.
This outfit really want fingers in every pie but they are spreading themselves very thin across the board. Meanwhile they keep dishing out cheap shares to Springtree to cover the payroll. Have a look at the latest cash flow report.
I think they are more about ensuring long term jobs than creating shareholder wealth. Just my opinion.
First target 4c, then 3c after dilution from Springtree is complete.
These are typical complex Austin Chalks. High initial flow, then limp like a weak garden hose and they only own 52.5%.
This Lee County project will not even cover wages. That's why they went to Alaska.
Now BCC announce an increase in lease acreage in Lee County. Funny that. I thought Curtis said they were going to Alaska because Lee County was not a company maker. So what do they do? Spend more money in Lee County whilst still having issues with the Vick 1 and Vick 2 wells.
This outfit really want fingers in every pie but they are spreading themselves very thin across the board. Meanwhile they keep dishing out cheap shares to Springtree to cover the payroll. Have a look at the latest cash flow report.
I think they are more about ensuring long term jobs than creating shareholder wealth. Just my opinion.
First target 4c, then 3c after dilution from Springtree is complete.
prawn_86
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Yeh this was my worry when they went into the Austin Chalk. Will be interesting to see how things play out for them. I still like management, but have lost a bit of faith in them, and do agree with BB that they should stop purchasing and starting producing...
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prawn,
The Austin Chalk can produce but I don't believe BCC's acreage is in the "sweet spot" for condensates in abundance. Austin Chalks are very, very tricky and if you need horizontal completions with every well, it becomes very expensive.
Perhaps the owners of the adjoining acreage that BCC just acquired were more than happy to sell it? I wonder why?
I think it all hinges on Alaska for BCC. That's a tall order.
The Austin Chalk can produce but I don't believe BCC's acreage is in the "sweet spot" for condensates in abundance. Austin Chalks are very, very tricky and if you need horizontal completions with every well, it becomes very expensive.
Perhaps the owners of the adjoining acreage that BCC just acquired were more than happy to sell it? I wonder why?
I think it all hinges on Alaska for BCC. That's a tall order.
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The management and staff gravy train continues. What a scandalous after market announcement. 47M extra bits of paper. More than 10% of total shares just gifted to management and staff. No other hurdles to jump. A free ride to 2013. Big kick in the guts to current shareholders and BCCO holders especially.
Did they think it will be forgotten Monday morning if they announce after close on Friday?
I suspected this mob were in it for themselves. This doesn't make me think any differently. Highway robbery in my opinion.
Did they think it will be forgotten Monday morning if they announce after close on Friday?
I suspected this mob were in it for themselves. This doesn't make me think any differently. Highway robbery in my opinion.
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This snouts in the trough is very very poor timing. Shareholders are bleeding so what do management do? Issue out 47M freebies to convert at 10c in 3 years time and all they have to do to is drill two wells in Lee County in three years. What happened to the 30 well program? This mob is full of crap. They are in it for themselves like I said months ago when they signed up Springtree.
4c here we come. Then down to 2c after full dilution. Mark my words.
They have even issued 2M free options to Kenneth Hooper who no longer works for them. Nice one Ken.
Dean and Curtis, you are both a disgrace. Aren't your huge salaries enough incentive? ASA will be contacted on Monday.
4c here we come. Then down to 2c after full dilution. Mark my words.
They have even issued 2M free options to Kenneth Hooper who no longer works for them. Nice one Ken.
Dean and Curtis, you are both a disgrace. Aren't your huge salaries enough incentive? ASA will be contacted on Monday.
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Dear Banska
Understand your sentiment as I am in the same page with you. More regrettably as I got the warning from some of the learned friends of ASF advised me NOT to buy BCC but damage was already done.
I only suggest that some of the frustration be vented directly to Dean and Curtis in company's website so that at least some curses reach them.
They are no doubt cheat but ASX and ASIC are equally a cheat with no regulatory power or exercise of the deemed power.
Please remember in corporate world without the alliance with the regulator no cheat could survive. You can make your judgement
Good luck and hope BCC proves it wrong by result.
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Buccaneer Alaska, Jim Watts President speaks
http://www.youtube.com/watch?v=fbwoDs5lmfg
http://www.youtube.com/watch?v=B2ViDIxXxhY
This definately changes the outlook on how they intend to operate in the Cook Inlet.
He discusses where they are going first, how they intend operate and what it might mean to Buccaneer. In light of Apache's recent announcement this could be very important.
http://www.youtube.com/watch?v=fbwoDs5lmfg
http://www.youtube.com/watch?v=B2ViDIxXxhY
This definately changes the outlook on how they intend to operate in the Cook Inlet.
He discusses where they are going first, how they intend operate and what it might mean to Buccaneer. In light of Apache's recent announcement this could be very important.
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Re: Buccaneer Alaska, Jim Watts President speaks
Hey Watchingall
Do you have a link to Apache announcement?
Sorry I am not allowed to watch youtube while at work in case you have linked the announcement there
Hey Watchingall
Do you have a link to Apache announcement?
Sorry I am not allowed to watch youtube while at work in case you have linked the announcement there
