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ELIXIR ENERGY LIMITED — Capital/Financing Update 2008
Jan 10, 2008
64893_rns_2008-01-10_80a1ef13-15c9-430d-85bf-4afec4446e1e.pdf
Capital/Financing Update
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ASX RELEASE ‐ 11 January 2008
POMPANO PROJECT ‐ UPDATE
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to announce that it has been advised by AnaTexas Offshore (“AnaTexas” or “the Operator”) that the installation of the 36” caisson through which SL 103229 #1 will be drilled has been completed.
Hercules Offshore Rig 152 commenced mobilisation at 9.30am (US Central Time) on 9 January 2008. Subject to weather conditions it is expected the rig to be onsite over the weekend with preparations to spud SL 103229 #1 commencing immediately.
The well is designed to test and develop seven gas sands from 3,800 feet to a measured depth of 7,940 feet and is projected to take thirty days to drill and complete.
AnaTexas has advised the Company that the fabrication and installation of the caisson was completed approximately 15‐20% below budget.
The Participants in this well are as follows:
| Participant | Working Interest |
|---|---|
| Buccaneer Resources* | 65.0% |
| Elixir Petroleum | 25.0% |
| Baron Petroleum+ | 7.5% |
| Streamline Exploration+ | 2.5% |
- A wholly owned subsidiary of Buccaneer Energy Limited
- Affiliated with AnaTexas Offshore, Inc. Baron Petroleum and Streamline Exploration are members of Millennium Explorer, LLC., the generator of the Pompano project.
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For further information please contact Dean Gallegos on 0416 220 007 or 02 9233 2520, alternatively visit the Company’s website at www.buccenergy.com.
Yours faithfully BUCCANEER ENERGY LIMITED
Mr Dean Gallegos Director
About Buccaneer:
Buccaneer Energy’s wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specialises in the development and expansion of behind‐pipe proved and probable reserves and low‐risk exploration plays with growth potential.
Buccaneer’s growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low‐cost, low‐risk development properties that possess significant undeveloped upside.
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