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yea 10c sure looks like a realistic figure, bcc been a great trading stock lately
BCC - Buccaneer Energy
- Thread starter prawn_86
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Looks like it's first in, best dressed. 
At least they have BPay.
Shareholders to participate in a Share Purchase Plan (SPP)
The SPP will raise a maximum of $16,596,485 at the issue price of $0.095 per share.
Shareholders can, at their election, take up:
• 21,053 shares for $2,000
• 52,632 shares for $5,000
• 105,264 shares for $10,000; or
• 157,895 shares for $15,000,
of new shares under the SPP, at an issue price of $0.095 per share. The Company has
executed a Placement Agreement with Helmsec Global Capital Pty Limited (Helmsec)
under which Helmsec agrees to use its best endeavours to place a number of shares equal to the shortfall under the SPP up to a maximum of 174,699,846 Shares, at the issue price of $0.095 per share (Placement). The Placement is subject to shareholder approval at a general meeting of Buccaneer Energy to be held in April 2011.
Buccaneer Energy plans to use the funds raised from the SPP (after issue costs) to:
• fund capital expenditure associated with the drilling of the first well at Kenai Loop,
onshore Cook Inlet, Alaska;
• provide funds to support the acquisition of a Jack-Up rig to drill the Company’s offshore
properties located in the Cook Inlet, Alaska; and
• provide working capital.
The Company intends to close the Issue at the earlier of:
• the Closing Date; or
• when Applications have been received for 174,699,846 new Shares.
...
Record Date of the SPP (7.00pm Sydney time) - 7 March 2011
Opening Date of the SPP - 16 March 2011
Closing Date of the SPP - 13 April 2011
General meeting to approve Placement Shares and New Options - 18 April 2011
Placement Applications and funds received (in the event of a shortfall under the SPP) - 27 April 2011
Issue and Allotment of new shares under the SPP - 18 April 2011
Quotation of new shares under the SPP - 19 April 2011
At least they have BPay.Shareholders to participate in a Share Purchase Plan (SPP)
The SPP will raise a maximum of $16,596,485 at the issue price of $0.095 per share.
Shareholders can, at their election, take up:
• 21,053 shares for $2,000
• 52,632 shares for $5,000
• 105,264 shares for $10,000; or
• 157,895 shares for $15,000,
of new shares under the SPP, at an issue price of $0.095 per share. The Company has
executed a Placement Agreement with Helmsec Global Capital Pty Limited (Helmsec)
under which Helmsec agrees to use its best endeavours to place a number of shares equal to the shortfall under the SPP up to a maximum of 174,699,846 Shares, at the issue price of $0.095 per share (Placement). The Placement is subject to shareholder approval at a general meeting of Buccaneer Energy to be held in April 2011.
Buccaneer Energy plans to use the funds raised from the SPP (after issue costs) to:
• fund capital expenditure associated with the drilling of the first well at Kenai Loop,
onshore Cook Inlet, Alaska;
• provide funds to support the acquisition of a Jack-Up rig to drill the Company’s offshore
properties located in the Cook Inlet, Alaska; and
• provide working capital.
The Company intends to close the Issue at the earlier of:
• the Closing Date; or
• when Applications have been received for 174,699,846 new Shares.
...
Record Date of the SPP (7.00pm Sydney time) - 7 March 2011
Opening Date of the SPP - 16 March 2011
Closing Date of the SPP - 13 April 2011
General meeting to approve Placement Shares and New Options - 18 April 2011
Placement Applications and funds received (in the event of a shortfall under the SPP) - 27 April 2011
Issue and Allotment of new shares under the SPP - 18 April 2011
Quotation of new shares under the SPP - 19 April 2011
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Kenai Loop Project
Kenai Loop Project works have started. Based on the facts:
• BCC has acquired a 100% working interest (80% to 86.5% net revenue interest)
• Resource potential per well is 5 BCF gas with initial rates per well estimated to be in the 5 to 10 million cubic feet per day range;
• Three drilling locations are in the process of being permitted;
• The first well will be a step-out well from the Kenai Cannery Loop field and is targeted to spud in early to mid April, subject to confirmation of rig availability;
• 1 mile to the nearest gas sales pipeline;
• Strong local market for gas in the area, recent gas contracts have a US$7.00 / MCF floor and US$10.00 / MCF ceiling.
I just did some quick sums, and got between $30-90million revenue (with 3 wells operating) depending on the rate and gas price. Is this right? It's nice if it is.
Kenai Loop Project works have started. Based on the facts:
• BCC has acquired a 100% working interest (80% to 86.5% net revenue interest)
• Resource potential per well is 5 BCF gas with initial rates per well estimated to be in the 5 to 10 million cubic feet per day range;
• Three drilling locations are in the process of being permitted;
• The first well will be a step-out well from the Kenai Cannery Loop field and is targeted to spud in early to mid April, subject to confirmation of rig availability;
• 1 mile to the nearest gas sales pipeline;
• Strong local market for gas in the area, recent gas contracts have a US$7.00 / MCF floor and US$10.00 / MCF ceiling.
I just did some quick sums, and got between $30-90million revenue (with 3 wells operating) depending on the rate and gas price. Is this right? It's nice if it is.
prawn_86
Mod: Call me Dendrobranchiata
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Re: Kenai Loop Project
IF, and its a big if with these guys track record, they can get 3 wells on board at 5mmcfpd and $7 then its $38m pa before costs
I just did some quick sums, and got between $30-90million revenue (with 3 wells operating) depending on the rate and gas price. Is this right? It's nice if it is.
IF, and its a big if with these guys track record, they can get 3 wells on board at 5mmcfpd and $7 then its $38m pa before costs
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Looks like around a week to go and could be some very good news from the upcomming meeting regarding AIDEA.
9am 1 April Anchorage time
With bcc's track record im not getting excited or expecting much as per usual behaviour on positive news, but if this gigant finally wakes up it will be worth the punt!
9am 1 April Anchorage time
With bcc's track record im not getting excited or expecting much as per usual behaviour on positive news, but if this gigant finally wakes up it will be worth the punt!
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Not sure abot .17c thats what everybody on HC keeps saying so the usual strategy is to deduct a few pips from the HC talk, I will be quiet happy to sell back at .13c for around a healthy 30% profit, then do it again and again as so far bcc has proved to be the best at trading the dips.
But you just never know maybye the hype can take it even to .20? Well im trading/gambling this one ... no more bets
But you just never know maybye the hype can take it even to .20? Well im trading/gambling this one ... no more bets
Trading halt re AIDEA decision - can't see why when all you need to do is go to the AIDEA website and see that the board APPROVED the decision to invest up to $30m in the rig!!
Interesting to see whether the halt gets lifted today given that there is little point to it?? Also be interesting to see what impact on SP
Interesting to see whether the halt gets lifted today given that there is little point to it?? Also be interesting to see what impact on SP
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There might be more to it, AIDEA decision could be just a small part to the announcement, possible rig contract spud date. Now if those were announced the sp could fly a bit
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It has just come to my attention that Ezion have also gone into a trading halt this morning, very good coincidence or perhaps more?
I dare to speculate that both the companies will release news of a plan to purchase a JUR jointly.
For those who do not know who Ezion is here is a article to read up a bit:
http://www.petroleumnews.com/pntruncate/102716485.shtml
I dare to speculate that both the companies will release news of a plan to purchase a JUR jointly.
For those who do not know who Ezion is here is a article to read up a bit:
http://www.petroleumnews.com/pntruncate/102716485.shtml
prawn_86
Mod: Call me Dendrobranchiata
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AIDEA decision approved. BCC to pay it off over 6 years plus interest to get 100% ownership of jack-up rig. Quite a complex ownership structure also.
Are they now a O&G co or service company?
Are they now a O&G co or service company?
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He he and now to spice things up escopata is being sued to stay out, such a bucaner thing to happen!
prawn_86
Mod: Call me Dendrobranchiata
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Market still don't trust BCC I think they need to see results from Kenai Loop drill and now it appears SPP must not be fully subscribe to otherwise they would have closed the issue
Yeh i actually had a call asking if i would be taking up the offer. I said thanks but no thanks, i have put enough into them
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I gave the spp a miss too
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BCC state this Kenai Loop #1 well has a 70% chance of being commercial. Perhaps that will prove correct? However, when will commerciality be definitive? One month? 3 months? 6 months?
If holders think they are going to get a sustainable 3MMCFD within even one month after total depth is reached, they are in dream land.
The geology is complex. Just like Lee County is complex.
http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt08.PDF
http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt11.PDF
Beluga Formation: The Beluga Formation reservoirs vary in depth from approximately 3,070' TVD to 5,800' TVD. Porosity ranges from 10-18%. The reservoir pressure varies from a 0.44 to a 0.46 psi/ft gradient. Obtaining measurable gas flow from the Beluga Formation has required multiple intervals to be open simultaneously. Nodal analysis has been used to estimate reservoir quality in the 0.05-0.5 millidarcy (md) range for the Beluga Formation. Intervals exist that have a lower permeability but intervals have not been encountered where a higher permeability has been calculated.
It is generally accepted that the Beluga Formation reservoirs have high clay content. Based on the reservoir quality of this rock, liquid flow is inefficient at best. Water production has not been observed and it is expected that a wet interval will produce as an unconsolidated sand-providing fill into the tubing.
Tyonek Formation: The Tyonek Formation reservoirs vary in depth from approximately 5,800' TVD to 10,108' TVD. The reservoir pressure has an approximate 0.44 psi/ft gradient. Porosity ranges from 10-18%.
The lowest relative permeability to gas measured with gas flow has been 0.025 md while the highest relative permeability to gas measured has been 1.8 md. The majority of the Tyonek Formation reservoirs encountered have permeabilities less than 1.0 md.
It is generally accepted that the Tyonek Formation reservoirs have a high clay content including mobile clays. Consequently, intervals deemed wet have been done so based on a fluid level rise over an extended period of time. Based on the reservoir quality of this rock liquid flow is inefficient at best.
"The middle and lower Beluga sands in the Kenai Gas Field are a normally-pressured 1,700' (520M) section characterized by stacked pay with highly variable pay quality. These fluvial sandstones are 5 to 30 foot (1.5M - 9M) thick. Permeability ranges from 0.01 to 3 millidarcies. Mineralogy is complex, including a high percentage of clays, volcanics, coals, and fines as described in Table 1. The framework grains for the Beluga sandstones are metamorphic rock fragments. The sandstones are bounded by discontinuous shale, siltstone, and coal beds."
Note the permeability readings. 0.01 to 3 millidarcies is terrible. This is complex geology and I doubt we will have any answer as to sustainable flow rates for months.
http://www.akrdc.org/membership/events/spe...s/prareport.PDF
"Challenges facing Cook Inlet gas business
- Formation damage due to sensitive clay cements
- Drilling and seismic costs are very high
- Fines migration and unconsolidated sands cause production problems in
some reservoirs
- Gas is difficult to identify on wire line logs (difficult petrophysical
analysis) Rwa & Sw varies throughout the stratigraphic section.
- Low resistivity pay can be overlooked or by-passed. Careful
petrophysical analysis and re-examination of mud logs and wire line logs
can identify such missed pay.
- Tight gas sands can be overlooked on the initial drilling.
- Sands are discontinuous and disconnected (especially Beluga & some
Tyonek). Pay can be mis-characterized without additional infill drilling,
especially in Beluga reservoirs.
- Correlations are difficult.
- Structures are difficult to image seismically due to steep dips.
- Coal beds in the Sterling, Beluga and upper Tyonek form prominent
reflectors on seismic data, absorbing seismic energy, and causing poor
imaging of the deeper formations with the only prominent deep reflector
often being the unconformity at the Tertiary/Mesozoic boundary.
- 3D seismic improves interpretation of structural complexity significantly
over 2-D data.
- Dominance of coals and poorly consolidated sands cause drilling
problems."
Now you know why Chevron have decided it's not worth it and are exiting the Cook Inlet. Sure, the smaller spoils may be there for smaller companies like BCC but I am predicting another Lee County. Highly promising gas shows, even initial flow rates but then?.......... problems.
I'll sell and then re-enter after the debacle unfolds over the next six months and then await the one offshore well I am bullish on. The Pan Am step out. Who knows how cheap I'll get BCC stock? Time will tell.
If holders think they are going to get a sustainable 3MMCFD within even one month after total depth is reached, they are in dream land.
The geology is complex. Just like Lee County is complex.
http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt08.PDF
http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt11.PDF
Beluga Formation: The Beluga Formation reservoirs vary in depth from approximately 3,070' TVD to 5,800' TVD. Porosity ranges from 10-18%. The reservoir pressure varies from a 0.44 to a 0.46 psi/ft gradient. Obtaining measurable gas flow from the Beluga Formation has required multiple intervals to be open simultaneously. Nodal analysis has been used to estimate reservoir quality in the 0.05-0.5 millidarcy (md) range for the Beluga Formation. Intervals exist that have a lower permeability but intervals have not been encountered where a higher permeability has been calculated.
It is generally accepted that the Beluga Formation reservoirs have high clay content. Based on the reservoir quality of this rock, liquid flow is inefficient at best. Water production has not been observed and it is expected that a wet interval will produce as an unconsolidated sand-providing fill into the tubing.
Tyonek Formation: The Tyonek Formation reservoirs vary in depth from approximately 5,800' TVD to 10,108' TVD. The reservoir pressure has an approximate 0.44 psi/ft gradient. Porosity ranges from 10-18%.
The lowest relative permeability to gas measured with gas flow has been 0.025 md while the highest relative permeability to gas measured has been 1.8 md. The majority of the Tyonek Formation reservoirs encountered have permeabilities less than 1.0 md.
It is generally accepted that the Tyonek Formation reservoirs have a high clay content including mobile clays. Consequently, intervals deemed wet have been done so based on a fluid level rise over an extended period of time. Based on the reservoir quality of this rock liquid flow is inefficient at best.
"The middle and lower Beluga sands in the Kenai Gas Field are a normally-pressured 1,700' (520M) section characterized by stacked pay with highly variable pay quality. These fluvial sandstones are 5 to 30 foot (1.5M - 9M) thick. Permeability ranges from 0.01 to 3 millidarcies. Mineralogy is complex, including a high percentage of clays, volcanics, coals, and fines as described in Table 1. The framework grains for the Beluga sandstones are metamorphic rock fragments. The sandstones are bounded by discontinuous shale, siltstone, and coal beds."
Note the permeability readings. 0.01 to 3 millidarcies is terrible. This is complex geology and I doubt we will have any answer as to sustainable flow rates for months.
http://www.akrdc.org/membership/events/spe...s/prareport.PDF
"Challenges facing Cook Inlet gas business
- Formation damage due to sensitive clay cements
- Drilling and seismic costs are very high
- Fines migration and unconsolidated sands cause production problems in
some reservoirs
- Gas is difficult to identify on wire line logs (difficult petrophysical
analysis) Rwa & Sw varies throughout the stratigraphic section.
- Low resistivity pay can be overlooked or by-passed. Careful
petrophysical analysis and re-examination of mud logs and wire line logs
can identify such missed pay.
- Tight gas sands can be overlooked on the initial drilling.
- Sands are discontinuous and disconnected (especially Beluga & some
Tyonek). Pay can be mis-characterized without additional infill drilling,
especially in Beluga reservoirs.
- Correlations are difficult.
- Structures are difficult to image seismically due to steep dips.
- Coal beds in the Sterling, Beluga and upper Tyonek form prominent
reflectors on seismic data, absorbing seismic energy, and causing poor
imaging of the deeper formations with the only prominent deep reflector
often being the unconformity at the Tertiary/Mesozoic boundary.
- 3D seismic improves interpretation of structural complexity significantly
over 2-D data.
- Dominance of coals and poorly consolidated sands cause drilling
problems."
Now you know why Chevron have decided it's not worth it and are exiting the Cook Inlet. Sure, the smaller spoils may be there for smaller companies like BCC but I am predicting another Lee County. Highly promising gas shows, even initial flow rates but then?.......... problems.
I'll sell and then re-enter after the debacle unfolds over the next six months and then await the one offshore well I am bullish on. The Pan Am step out. Who knows how cheap I'll get BCC stock? Time will tell.
prawn_86
Mod: Call me Dendrobranchiata
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News out today that well has reached depth and then some. Running wire logs as we speak with results due soon.
Would appreciate comments from those experience with reading oil shows etc.
Market liked the news however, stock has jumped 25% since announcement release.
Would appreciate comments from those experience with reading oil shows etc.
Market liked the news however, stock has jumped 25% since announcement release.
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Trading Halt hope its for announcing commercial flow rates
"Flow testing results at the Company's 100% owned Kenai Loop # 1 well."
Lets see whats flowing
