Buccaneer Energy has begun drilling its first Cosmopolitan Prospect well with the Endeavour-Spirit of Independence jack-up rig, which arrived nine months ago from Singapore.
The Peninsula Clarion says the company began drilling near Anchor Point on Sunday. The area off the Kenai Peninsula is known for its shallow gas reserves and deeper oil prospects.
Buccaneer Energy says it plans to drill the rig to a depth of 8,000 feet. Oil core samples will be taken to better understand the reservoir and shape a plan for future oil development. The company does not plan to flow test the oil formation, but it says gas zones that are identified will be tested.
Buccaneer is working with BlueCrest Energy, a Fort Worth, Texas-based company on the project.
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Buccaneer Energy Begins Drilling Cosmo Well
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