Buccaneer announces latest drilling report for Cosmopolitan site

Buccaneer Energy Limited this week announced the latest results for its Cosmopolitan well site in lower Cook Inlet off Stariski Creek.

According to a July 30 press release, the jack-up rig Endeavour-Spirit of Independence has drilled into two oil zones in the Tyonek formation totaling 86 feet between 5,824 feet and 6,092 feet. Good oil recovery resulted. 

Because the Endeavour has limited oil storage, more extensive flow testing of the zones cannot be done. The recovered oil is being analyzed.

Buccaneer said the testing results were as anticipated and it expects to upgrade its analysis of oil reserves. Further testing will be in the lowermost gas zone of the formation.

Michael Armstrong can be reached at michael.armstrong@homernews.com.