Buccaneer Energy Limited has executed a Purchase and Sale Agreement for the acquisition of the two main productive leases in the former Cosmopolitan Unit (Cosmo) from Pioneer Natural Resources Alaska, Inc. (Pioneer). Cosmo is an undeveloped oil and gas field located in 50 feet of water in the Cook Inlet of Alaska and is in close proximity to the shoreline at Anchor Point on the Kenai Peninsula. Cosmo has regional proximity to Buccaneer’s other Alaskan assets and will utilise the capabilities of the Endeavour rig during the northern hemisphere winter.
The acquisition is being jointly made with privately owned Fort Worth, Texas based BlueCrest Energy II, LP (“BlueCrest”) with Buccaneer acquiring a 25% working interest and BlueCrest a 75% working interest, with Buccaneer to assume operatorship of the project. Settlement of the acquisition is due on 30 March 2012 with the commercial terms of the transaction remaining confidential.
The strong interest in the region, which contains the Cosmo project, is demonstrated by Apache Corporation acquiring leases surrounding and adjoining the leases near Cosmo during the last State lease sale conducted in June 2011.