Friday, September 10, 2010

Buccaneer Energy Limited: Austin Chalk and Eagle Ford Shale Update

By Andrea:

Buccaneer Energy Limited (BCGYF.PK) to announced today that the Alexander # 1 is currently at 5,727 feet.

At approximately 12.15pm on Thursday 9 September 2010 the well started to flow oil and gas. The Company’s assessment is that the current production is from the mid to lower Austin Chalk. The gas is being flared and the oil is being produced into tanks on site.

The intention is to flow the well for a number of days until it stabilises, then consideration is being given to drilling ahead whilst producing the well. The well will now be drilled to a Total Depth of 6,250’ which will ensure that the Eagle
Ford Shale section is fully drilled.

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