Buccaneer Energy Ltd. (fka BCGFQ)

[futrcash]

Nice announcement today regarding the deep rights on Conoco's 23,000+ acres!

futr

[eom7]

Monday should be interesting...

[futrcash]

Rights Issue Extended-

http://www.asx.com.au/asxpdf/20130503/pdf/42fpktb9zlnr19.pdf

Interesting Info on availability of tax credits on drilling to Tertiary Level with Jack-up for first 3 wells.
http://peninsulaclarion.com/news/2013-04-27/companies-use-credits-to-curb-risk

http://www.buccenergy.com/

futr

[eom7]

Any hot copper insights?

[eom7]

Buy Out offer!

[Bobwins]

US investors can't participate in the rights offering but you can probably buy extra shares on the open market for .04 or less anyway.

[2008sworks]

How will BCGYF shares be affected ,if any by the announcement of BCC.asx
that a non renouncable right, new share @ 04c

for every 5 existing share you will receive 3 of the new ones.

[eom7]

And 1 Billion new shares is what they come up with? UGh!

[fishin100]

“Everything’s on the table"

Alaska-Focused Buccaneer Energy to Open Its Books.

April 8, 2013

Australia-listed natural gas producer Buccaneer Energy BCC.AU +2.38%is opening its books to potential suitors in coming weeks, a senior board member told Deal Journal Australia.

“Everything’s on the table, including farm-ins, investments at the company level, a dual listing on a North American stock exchange or possibly a change of control transaction,” Sydney-based director Dean Gallegos said in an interview on Monday.Buccaneer has a market value of 64 million Australian dollars (US$66.4 million), but said in a March 28 regulatory filing that it believes its proven reserves in Alaska’s Cook Inlet are worth US$342 million. The company has appointed Canaccord Genuity Ltd. to lead a strategic review focused on improving shareholder value.

“We believe a reason for the valuation disconnect could be that we’re the only Australian company operating in that basin…it’s difficult for investors to easily compare us with another entity,” Mr. Gallegos said.

“Preliminary interest has been strong,” he added, declining to specify the exact timetable of the process. Canaccord will be retained for at least six months.





http://blogs.wsj.com/dealjournalaustralia/2013/04/08/alaska-focused-buccaneer-energy-to-open-its-books/

[Bobwins]

This is a detailed post from SoulSurfer on hotcopper forum. He goes thru the geology of the various Buccaneer holdings in Cook Inlet, reviewing why he invested in Buccaneer.

http://hotcopper.com.au/post_single.asp?fid=1&tid=1977371&msgid=11582173

[futrcash]

Endeavour Receives Coast Guard Certification!



http://www.asx.com.au/asxpdf/20130402/pdf/42dzzhrqhb9v7r.pdf

futr

[Bobwins]

from Hotcopper, a good interview with Buccaneer CEO Curtis Burton

http://ow.ly/jGaLo

[fishin100]

The tugs have arrived!
(from our friends on the other side)



https://www.facebook.com/BuccaneerEnergy

[ashy2classy]

Knew there was a reason for the sellers...especially seeing the ask drop with sizable shares.

[fishin100]

Denial of the Kenai Loop Unit Application

http://dog.dnr.alaska.gov/units/Documents/2013/Kenai_Loop_Unit_Denial_of_Application_20130315.pdf

[futrcash]

Excellence in Oil and Gas Presentation-

http://www.asx.com.au/asxpdf/20130306/pdf/42dh6qfql1qhks.pdf


futr

[futrcash]

Large lot available at the ask is what you're saying-

futr

[JohnnyBlaze]

sorry, not dump - someone wanting to dump $58k

[JohnnyBlaze]

1,172,900 @ .05

[futrcash]

I don't see what you're talking about?

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=BCC

futr

[JohnnyBlaze]

big dump ($60K) on the ask. that's a little scary...

[futrcash]

This here is the latest and very comprehensive Report-

http://www.asx.com.au/asxpdf/20130131/pdf/42crpnqy60vxc1.pdf

futr

[JohnnyBlaze]

looking good, going to try to pick some up this week

[eom7]

This is how I follow BCC:

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=BCC

[JohnnyBlaze]

where can you find filings?

[eom7]

High risk high reward here. There are very few real 10 Baggers out there and this has that potential and then some. Nice buy IMO.

[futrcash]

We need to get the Endeavour up to spec and certified by the Coast Guard pronto!

http://homertribune.com/2013/01/buccaneer-still-eyeing-archer%E2%80%99s-jack-up-rig-work/

Made my initial purchase here today!

futr

[Bobwins]

http://www.buccenergy.com/uploads/res/5f02913c-1588-434e-a79b-b5e67d5a2521_Buccaneer%20Energy%20Limited%20-%20January%20Update.pdf

Updated presentation laying out drilling schedule for 2013. They just announced an expanded debt facility that may finance some or all of this. Need KL wells to keep pumping gas. A third and fourth producer would get us over 15mmcfpd and allow Buccaneer to sell to the LNG plant at much higher prices. Need Kenai Loop drill program to continue hitting to provide valuable cashflow and borrowing capacity. Debt facility is as high as $100 million but needs more reserves to hit limit.

SCU - q1 2013
KL # Pad2 - early 2013 (already permitted)
WE - q2 2013 (pending approval)
Cosmo - feb 2013 (subject to permit)
NWCI - late 2013

[eom7]

I have been adding.

[wshaw14]

Lets have a little patience here. "$13/MCF" is definitely not necessary to make this viable. All is good here IMHO. The take downs are not a phenom. They often take place before a launch. Of course they do not guarantee a launch.

[eom7]

Any updates? TIA

[eom7]

From Hotcopper: http://www.circac.org/images/pdf/landt_buccaneer.pdf

[wshaw14]

I could be wrong, (and often am) but that seems rather unlikely. "NSTAR forecasting $13/MCF"

[Bobwins]

ASX RELEASE – 21 DECEMBER 2012
KENAI LOOP # 4 – TESTING UPDATE
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to advise that the small leak in
the well liner has been plugged using a cement squeeze.
The casing and liner have been successfully pressure tested and it is anticipated that perforation and
production testing operations will commence in approximately 3 days.
Background
Wire line logging of the Kenai Loop # 4 well has identified multiple sands with indications of gas
within the Tyonek Formation. This includes 5 separate sands that have an average thickness of 34’
each (‘A’ Zones) and that compare in quality to known productive sands in the Cannery Loop field
that adjoins Kenai Loop, with each of these sands having gas shows while drilling. Further testing is
needed to confirm these zones can be commercially produced as they were at Cannery Loop, the
Cannery Loop field has produced 180 BCF (30 MMBO).
Additionally the equivalent 9,700’ and 10,000’ zones that are productive in the Kenai Loop # 1 well
and producing a combined 6.5 MMCFD (1080 BOEPD) were also encountered in Kenai Loop # 4 well
with both of these zones having very good gas shows while drilling. The 3D seismic indicates these
sands are continuous from the Kenai Loop # 1 well to the south-east. In the Kenai Loop # 4 well, the
9,700’ sand is 24’ thick and the 10,000’ sand is 76’ thick.
Additionally the Kenai Loop # 4 well has also encountered several additional sands that appear to be
gas bearing (‘B’ Zones), but do not compare with known productive sands in either the Cannery
Loop or Kenai Loop fields.
Yours faithfully
BUCCANEER ENERGY LIMITED
Mr Dean Gallegos

[eom7]

How are you feeling about BCC?

[eom7]

NSTAR forecasting $13/MCF winter 2013! That should get us our $10 cap.
See: 28/11/2012 AGM Presentation

[eom7]

Buccaneer Energy Updates Status of Jack-up Rig
Press Release: Buccaneer Energy Limited – 19 hours ago


HOUSTON--(BUSINESS WIRE)--
Buccaneer Energy Limited (BCC.AX) is pleased to provide the following update on the Endeavour – Spirit of Independence, jack-up rig.
As previously advised, since the Endeavour’s arrival in Homer, Buccaneer has been working with local contractors to complete various rig upgrades and repairs ahead of the final vessel inspection and certification. The Company is pleased to advise that work on rig is nearing completion and the Endeavour will soon be ready for operations.
Fast Rescue Craft. The parts required to address a manufacturer recall for the fast rescue craft, issued after the rescue craft was purchased and installed in Singapore, which have been approved by the US Coast Guard, have been shipped to location and will be installed in the next few days.
General Alarm system. The general alarm system, which had been certified in Singapore, but failed subsequent testing on arrival in Homer, has been updated and the system is now working properly. A new, replacement system has also been delivered and will be installed as future rig operations allow; and
Firefighting system. The Novec system was installed and certified in Singapore, however, during transit to Alaska a leak developed in a valve that was discovered upon the Endeavour’s arrival. This has been repaired and a new extinguishing agent will be used to refill the bottle that leaked. Portable extinguishers have been installed at newly requested locations around the rig and an upgrade to the helideck foam system is being finalized to provide more reliable operation during winter operations.
Prior to its acquisition in November 15, 2011, the Endeavour had been idle for several years, and Buccaneer and its venture partners, AIDEA and Ezion, deemed it necessary to complete extensive upgrades and repairs to ensure that the rig was ready for safe, long-term operations in Alaska. As such the rig was dry docked at the Keppel Fels yard in Singapore for 6 months undergoing repairs and upgrades that have continued in Homer, Alaska.
“The Endeavour is a world class Jack-up, and it was essential that we completed comprehensive inspections and testing all of the systems before deployment,” said Andy Rike, EVP Operations. “While it has taken longer than expected, we are nearing completion on all tasks and are fully confident that the rig is ready for safe, environmentally sound operations. Once the permits are approved we will be ready to go.”
“Buccaneer and its venture partners firmly believe that the Cook Inlet basin remains one of the most underdeveloped hydrocarbon basins in North America, and in the coming years the Endeavour will play a significant role in realizing that potential,” said Jim Watt, President. “The Endeavour will not only revitalize Cook Inlet exploration and development, but with this recent round of upgrades and refitting, the Endeavour is now suitable to support exploration and development operations in the Arctic waters such as the Chukcki Sea.”
Permitting
As previously announced, Buccaneer initially planned to use the Endeavour earlier this year to drill at its North West Cook Inlet prospect. Necessary permitting and approvals for operations at North West Cook Inlet had largely been secured before the Endeavour arrived in Alaska. However, as a result of the delays outlined above, Buccaneer had to adjust its schedule for operations. Buccaneer will now initiate its exploration drilling program at the Cosmopolitan prospect, which is located in an ice free zone in lower Cook Inlet.
Buccaneer acquired the Cosmopolitan prospect from Pioneer Resources at the end of August 2012 and immediately began the submission process for all necessary permitting and approvals shortly thereafter.
“Previous drilling at Cosmo confirmed significant oil and gas potential at the prospect, and the Endeavour is ideally suited for exploring that potential,” said Mark Landt, VP Land & Business Development. “Since acquiring the Cosmo prospect, Buccaneer has been working diligently to secure all necessary regulatory approvals for drilling operations, and once permitting is secure, the Endeavour will immediately embark for its new location.”
Starting this winter, Buccaneer plans to drill vertical offshore wells to evaluate the shallow gas formations known to be present at the Cosmopolitan prospect. According Ralph E Davis, the gas prospect has been estimated to have gas with a proved and probable reserve estimate of 90 BCF. If the gas formations are determined commercial during our winter drilling program this year, new gas supplies could be flowing into the South Central Alaska market in 2014.
In the coming months, Buccaneer plans to drill wells to evaluate the oil potential of the prospect after the Department of Environmental Conservation completes its review and approval of Buccaneer’s comprehensive oil spill response plan.
“Buccaneer is working through the regulatory approval process, and we appreciate the guidance we have received from state and federal regulators,” said Watt. “Buccaneer has made a long-term commitment to Alaska. We see a real future here for the company, and we are intent on working cooperatively will the state to establish a long-term business that will support good jobs, provide tax and royalty revenues to the state and local governments, and, most importantly, meet the energy demands of Alaska in a safe and environmentally friendly manner.”
About Buccaneer
Buccaneer Energy Limited is an energy exploration and production company traded on the Australian Stock Exchange (BCC.AX). Through its wholly owned subsidiaries, Buccaneer Resources and Buccaneer Alaska, the U.S. headquartered independent is focused on acquiring significant working interests in undervalued, low-risk development properties that possess significant undeveloped upside potential. The Company places a premium on bringing both regional and local expertise to each opportunity, and as a result, its opportunistic approach to finding hydrocarbons, is not limited by geographic considerations. Buccaneer Alaska focuses on developing opportunities in the Cook Inlet of Alaska which includes the Kenai onshore project and several offshore opportunities. Buccaneer Resources is focused on the Gulf of Mexico, onshore opportunities in the lower 48, and certain international opportunities.
Contact:
JMR Worldwide
Jay Morakis, Partner, 212-786-6037
Email: [e-mail]

[fishin100]

What I Know About A Little Company Called Buccaneer
Oct 25, 2012

Lately, like others that follow Buccaneer (BCC on the ASX) I have been reading about the Endeavour, Spirit of Independence as it sits at the Deep-water Dock at the end of the Spur. It is quite a sight, with 400-foot legs and technology just dripping off the deck.

I like Google alerts, they ping me at all hours and I get to see what people are saying. Some seem to see big problems, not really sure why, I see is opportunity. Some write about huge environmental issues, I see a very stable drilling platform that doesn't seem to move now that the legs are down. Some fear that the legs won't come back up, based on what?

The George Ferris was a Jack-up rig that stayed near Homer for nearly two years. It was a really old rig and not much fun to work on according to my friends. It had been parked and left and was hoping to get some work some day. Comparing Endeavour to the George Ferris is like comparing a 1970s rusted pickup that's been sitting in the yard for years with a new Ford Ranger the neighbor just picked up.

But let's get real; Buccaneer Energy entered the Inlet when others were exiting badly. When others were filing bankruptcy like Pacific Energy they were buying Stellar Oil and Gas (Renaissance). Some feel they were being opportunistic, I would say they were stepping up when others were stepping out.

I've read that this company is referred to as a "foreign company" and yes the company is traded on the Australian Stock Exchange but the people and operations are here. The CPO (Chief Pirate In Charge) Curtis Burton, is a US citizen, has been working in the Industry for 30 plus years. President, Jim Watt, spent the last 20 years working in Alaska. Mark Landt has been running around shaking hands for years. If you look at the website the entire Alaska team has either lived here or worked here. I can only find two people listed on the website that appear to be Australian, so I see an American company that went to Australia to raise money. (Not a bad thing, just a fact. I like money no matter where it comes from)

I have read several articles that question the company's financial outlook. The reality is that the company trades between 6 and 10 cents on the ASX and has an $80 million dollar market cap (I guess Gordy Vernon can't read a stock summary page). How many of our public companies in Alaska have an $80 million dollar market cap? Better yet how many of those have spent over $50 million in the Cook Inlet. That's not money they owe; they paid that much to us local guys.

But to characterize these guys as a group that is unprepared and rushing things isn't really giving Buccaneer enough credit. The company was established in 2006 and had production on-line in the Gulf of Mexico beginning in 2007. If they hadn't decided to come spend money in Alaska they would probably still be producing in the Gulf of Mexico. The company has also drilled and produced oil onshore in Texas. This is hardly their first time turning a drill bit. Since records count lets look at theirs. The company has never been sited for any safety or environmental violations according to the Texas Railroad Commission.

I found out about them when they showed up in the Cook Inlet and I couldn't believe we had Buccaneers on the high seas.

You could argue that $80 million is small for an oil and gas company but they still managed to get a Jack-up rig from Transocean and transport it to the Cook Inlet. Granted they needed the help of AIDEA and Ezion Holdings to get it done, but the rig is here.

Questions about safety abound. Will Buccaneer be safe, will Buccaneer be able to handle a spill. Again, lets look at the record. The company has consistently delayed operations in favor of increased safety. The rig remained in Singapore through the summer for additional upgrades. It has continued to be upgraded since it arrived in Homer (I can't imagine how frustrating that must be for guys). To maintain safety the legs were lowered and now the harbormaster says they are going to be paying even higher rent. In my day anytime we were not under way, we were jacked down. That is how the thing works.

In Kenai the have been producing natural gas since July without incident. Additionally, the company delayed drilling operations at Kenai Loop by a week to install a bigger blow out preventer on the well they are drilling right now.

As others have come to the Inlet they have imported their workforce. For the most part this company hires locally and provides high paying jobs. I saw one report that said a low paying job was $57k with others getting as much as $175k.

You can certainly point to the troubles the company had earlier this year paying bills. However, the company has made sure that every vendor in Kenai was paid, even after it's lender exited the market. How many companies do you know that can arrange to replace a $50 million dollar credit line within 30 days? And how many other companies would have gone belly up and reopened as someone else. (I wonder what Escopeta would say about that?)

Much has been said about what a bad corporate neighbor this group is but I would point out that they take us seriously, when Larry Smith picked up a shell on board they didn't kick everyone off and leave for the well location. They hired URS (I'm thinking that cost a bit) and had the matter thoroughly studied. When the community questioned their actions at West Eagle what did they do? The hired a local consulting firm HDR and scheduled community outreach meetings. (I can only imagine how many of you took the time to come down and yell at them, at least it was therapeutic, right?)

I really have to laugh when I read Gordy's complaint that the company could not even get to Homer at the end of the summer. Perhaps he didn't notice that ERA had stopped flying that week. I know a lot of people who couldn't get to Homer or Kenai for that matter.

My point is that if you are going to deride Buccaneer for wanting to do business in Homer you really ought to have a good reason. Pointing to what happened with the George Ferris just isn't going to fly for me. With that kind of logic we would have cancelled the space shuttle program after the first crash.

Bottom line, Alaska needs the energy. Preferably clean natural gas instead of coal and we cannot wait for expensive renewable energy to be affordable or even productive. Personally I like Homer, I would hate to see you guys put up a sign that says "No New Business Allowed", or if you come to Homer you are "Guilty Until Proven Innocent". You guys are better than that and you should be giving Buccaneer a chance to prove themselves. I bet the next article after the rig leaves will be "Where did all the jobs go?"

http://seekingalpha.com/instablog/650237-alaskaman2030/1212071-what-i-know-about-a-little-company-called-buccaneer

[jubbyjubber]

Bought these in OZ the other night look very promising.

[Bobwins]

probably won't announce test results until mid/late November. Going to be hard to be patient but looks good so far.

Originally I thought they were going deeper to possibly go for oil but the PR said gas targets so my fondest dreams probably won't come true.

[eom7]

10,000,000 traded already! Nice.

[Bobwins]

KENAI LOOP # 4 WELL – DRILLING REPORT # 6
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 4 well:
Time: 9.00am (Sydney) 24 October 2012 / 2.00pm (Anchorage) 23 October 2012.
Depth: 12,050’ Measured Depth (“MD”) / 11,733’ Total Vertical Depth (“TVD”)
Activity: Drilling bit change at 11,545’ MD. Drilling ahead to a total depth of 13,000’ MD
Comment: Multiple gas shows have been encountered since re-commencement of drilling from intermediate casing point.
The proven productive sands in the Kenai Loop # 1 well were encountered as expected in the Kenai Loop # 4 well. The 9,700’ sand in the Kenai Loop # 1 well is seen at 10,294’ MD in the Kenai Loop # 4 well, the 10,000’ sand in the Kenai Loop # 1 well is seen at 10,617’ MD in the Kenai Loop #4 well.
The log while drilling (“LWD”) characteristics of the above sands, as seen in the Kenai Loop # 4 well, are similar to the known proven pay in these two productive sands in the Kenai Loop # 1 well.
Kenai Loop # 4 well is also targeting gas pay from zones deeper than the two producing sands in the Kenai Loop # 1 well. To date, in addition to the 9,700’ and 10,000’ sand equivalents detailed above, at least four (4) additional zones are indicated as likely test targets. Two (2) of these zones are above the 9,700’ sand equivalent and two (2) are below the 10,000’ sand equivalent, these zones were identified by the analysis of mud log and LWD information.
The Cannery Loop Field (less than 2 miles south of the KL #1 well) has productive Tyonek Formation sands that have been identified on the Kenai Loop 3D seismic, with hydrocarbon indicators, which have yet to be intersected in the Kenai Loop # 4 well and are below the current drilled depth.
The above information is based on mud logs and LWD equipment. On completion of drilling operations wire line logs will be run after which a decision will be made as to what zones will be tested.
The well will have a bottom-hole location approximately 2,000’ north-west of the successful Kenai Loop # 1 well.
The targeted pay sands within the Tyonek included the 9,700’ and 10,000’ sands that are currently producing 6.0 million cubic feet per day (“MMCFD”) from the Kenai Loop # 1 well on a 9/64” choke. The majority

[ashy2classy]

Was released 6 days ago, but thought I'd post it...It's a shame that almost 71M shares only amounts to 5.36% of the company. BCC needs to reduce its share count. I'm sure we'll do a R/S someday.


Buccaneer Energy Ltd Announces Holding Interest Of Republic Investment Management Pte Ltd

Tuesday, 18 Sep 2012 02:25am EDT

Buccaneer Energy Ltd announced that Republic Investment Management Pte Ltd has acquired 70,769,875 ordinary shares, representing 5.36% of the voting power in the Company.

http://www.reuters.com/finance/stocks/BCC.AX/key-developments/article/2608728

[fishin100]

ASX RELEASE – 19 SEPTEMBER 2012
KENAI LOOP # 4 WELL – DRILLING REPORT # 1
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following
update on the progress of the Kenai Loop # 4 (“KL # 4”) well:

Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth (“TVD”).
Activity: Surface casing run and cemented. Installed 10,000psi blow-out protector
(“BOP”). Preparing to drill ahead.
Kenai Loop # 1. All of the 7 stacked potential pay sand
Comment: The primary target in the KL # 4 well are 7 stacked potential pay sands in the Tyonek
formation, the well will have a bottom-hole location approximately 2,000’ north-west of
the successful s have been identified
and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon
indicators.
The targeted pay sands within the Tyonek include the 9700’ and 10000’ sands that are
currently being produced in Kenai Loop # 1 well.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660’) , and is
anticipated to take 35-40 days to drill with an additional 10 days for testing.

http://hotcopper.com.au/announcements.asp?id=474404

[eom7]

Nice... finally. lol

[fishin100]

ASX RELEASE – 13 SEPTEMBER 2012
KENAI LOOP # 4 DRILLING COMMENCED
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to advise that the Kenai Loop # 4 well spud on September 11, 2012 (US time).
The Kenai Loop # 4 well will target 7 stacked potential pay sands in the Tyonek formation and will have a bottom-hole location approximately 2,000’ north-west of the successful Kenai Loop # 1. All of the 7 stacked potential pay sands have been identified and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon indicators.
The targeted pay sands within the Tyonek include the 9700’ and 10000’ sands that are currently producing 5.0 MMCFD on a 5/64” choke in the Kenai Loop # 1 well and therefore the Company has a high level of confidence in the Kenai Loop # 4 well location.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660’) , and is anticipated to take 35-40 days to drill with an additional 10 days for testing. The Company will give drilling progress reports each Wednesday and additional reports as required to meet its continuous disclosure obligations.
An additional 11 new seismic gas anomalies have been identified from the stacked pays in the shallow Sterling and deeper Tyonek formations, all of which have hydrocarbon indicators. The Company will risk assess each of these anomalies prior to finalising a future drilling program.

http://hotcopper.com.au/announcements.asp?id=472225

[Bobwins]

I expected the spud this week. not sure what's holding things up. Mid oct is probably a good guess.

[CPTMatt]

BCGYF - Did you expect the spudding to happen sometime mid Sep? I would expect it would take ~ another month to get the results depending on the depth

[eom7]

WOW... That was quick. You gotta LOVE ALASKA!

[Bobwins]

Surprised that the stock has had weakness the last couple of days.

Seems like good news is a few weeks away. Can never be sure with oil and gas drilling but this sounds like a low risk development well with the 3d seismics. Now all we need is for them to spud both KL#4 and NWCI wells and get positive results from both.