EXR 6.45% 3.3¢ elixir energy limited

drilling update pompano project

  1. RKS
    573 Posts.
    ASX RELEASE – 26 FEBRUARY 2008

    DRILLING UPDATE POMPANO PROJECT

    Buccaneer Energy Limited ("Buccaneer" or "the Company") is pleased to announce Hercules Rig 152 has spudded the second well in the Pompano field redevelopment program SL 103230 # 1 at 1.00pm (US Central time) on 24 February 2008.

    All reported depths are below the Rotary Table Kelly Bushing on the rig floor in Measured Depth ("MD") and/or True Vertical Depth ("TVD") since the well is being directionally drilled to a bottom location approximately 2,342 feet to the southeast of the surface location:

    Report Date: 06.00am 25 February 2008 (US Central time)

    23.00pm 25 February 2008 (NSW Daylight time)

    Current Depth: 800 feet MD

    Progress: Pulling out of the hole to run and cement the 16" casing string.

    Hydrocarbon Indications:
    Hydrocarbon shows will only be reported after logging and evaluation of the well after reaching the Total Depth. The well will take approximately 4 weeks to drill to the programmed Total Depth of 9,360 feet MD, or 8,735 feet TVD.

    Targets:
    The well is designed to test and develop the B-2 and C Sands up dip of a well that produced from the B and C Sands.

    The well is also designed to test the E Sand in an undrilled fault block plus the F and G Sands in a trapping position for the first time in the SE/4 of this fault block.
 
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