Buccaneer Energy Limited advise that a non binding Letter of Intent (LOI) has been executed with a US based public company (Farm-In Party) to farm-out the following projects that are currently 100% owned by the Company:
■ Southern Cross Unit;
■ North West Cook Inlet Unit; and
■ North Cook Inlet Unit - Deep Oil Rights.
The Farm-In party will pay 100% of the costs associated with two wells in each of the above projects for which it will earn a 49% working interest.
In addition the Farm-In Party will be granted an option to earn a 49.0% working interest in the Company's 100% owned onshore West Eagle project by paying 100.0% of the costs of the first two wells.
Buccaneer will retain a 51.0% working interest and the role of Operator in all of the above projects.
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Buccaneer Energy Ltd.
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