Buccaneer gets land-use permit

The Alaska Department of Natural Resources has granted a land-use permit to Buccaneer Energy for the Endeavour-Spirit of Independence jack-up rig to move to the Cosmopolitan project site offshore of Anchor Point and put its legs down onto the sea floor. The land-use permit is one of the permits needed for Buccaneer to start drilling for oil and gas at the site. Once Buccaneer gets U.S. Coast Guard certification for the rig, the Endeavour could be moved to the Cosmo site while it awaits approval of an oil-spill contingency plan, or C-plan. Review of Buccaneer’s C-plan application had been suspended last week while the Alaska Division of Oil and Gas gathered information to send a letter asking Buccaneer to address issues DOG had raised.

Buccaneer applied for the land-use permit in early October and the public comment period ended Nov. 30. Buccaneer has not announced when it plans to move the Endeavour from the Deep Water Dock in Homer, where it has been moored since late August.

Buccaneer Energy also announced in a press release last week it had raised $20.2 million in financing, with $9.9 million coming from the issuance of 198 million shares in the company and $10.3 milllion from an unsecured loan.

Buccaneer said it would use the new financing to support its offshore and onshore Cook Inlet exploration program and also to pay contributions to Kenai Offshore Ventures for modifications and upgrades to the Endeavour. Some financing also would provide general working capital for the company.


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