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BCGFQ Finra deleted symbol:
http://otce.finra.org/DLDeletions
BCGFQ Security Details
Share Structure
Market Value1 $87,776 a/o Dec 11, 2014
Shares Outstanding ...............877,755,500 a/o Jul 21, 2011
Float ........................Not Available
Authorized Shares ................Not Available
http://www.otcmarkets.com/stock/BCGFQ/profile
Buccaneer Energy Limited is a publicly traded independent oil and gas company listed on the Australian Securities Exchange under the symbol BCC. Our primary business is the exploration for and production of oil and natural gas in North America
Contact Info
Level 15
25 Blight Street
Sydney, NSW 2000
Australia
I GOT 50.00 ON IT....
Buccaneer Energy Limited (“BEL”) is an upstream, independent oil and gas company operating in the U.S. through several wholly-owned subsidiaries. The Company has offices in Houston, Texas and Kenai, Alaska. BEL is publicly listed on the Australian Securities Exchange under the symbol BCC. However, trading of BCC shares are currently suspended.
Buccaneer Resources, LLC, along with eight of its affiliates, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division on May 31, 2014. Buccaneer Resources, LLC is the lead case 14-60041, it and its eight affiliates are collectively referred to as (the “Debtors”). More information about the company and the bankruptcy proceedings can be found at: http://dm.epiq11.com/BUC/Project
http://www.buccaneerenergy.com/
Market Cap 1.2 M
Shares Outstanding 2.4 B
Beta 0.7
Got a copy of this, it should be passed on.
ALAN BROOME, A.M
13 WILLOW STREET, LUGARNO
SYDNEY NSW 2210
Page1
9 July 2014
Mr Patrick O’Connor
Director
Buccaneer Energy Limited
c/- Level 9, 25 Bligh Street
SYDNEY NSW 2000
Re: Public Statements by Buccaneer Energy Limited
Dear Mr O’Connor
As you are aware I was the Chairman of Buccaneer Energy Limited (“Buccaneer”) from the time of its initial public offering in late 2007 until my removal as a director on 2 July 2013. My removal was as a result of the actions of Meridian Capital, Buccaneer’s 19.9% shareholder.
I write to you after being contacted by a number of Buccaneer’s past directors and some of its largest shareholders. We are concerned that the recent announcements by the Company are not accurate and have the tendency to deflect responsibility for the recent Chapter 11 filing and the destruction of any value to shareholders to past directors and officers of the Company.
We are also concerned that statements within these releases may be false and misleading.
What cannot be argued is the fact that the current board of Buccaneer have been in control of Buccaneer since early December 2013, a period of 6 months prior to the Chapter 11 filing on 31 May 2014.
I think it worthwhile to recount events as evidenced through public filings and what I have been told by various parties.
Southern Cross # 1 well and West Eagle # 1 well
In your ASX Release dated 16 June 2014 you are correct that the costs of both of these wells were to be borne by EOS-Petro and the decision was made to proceed with each well prior to the confirmation of funding from EOS-Petro. However what is also evident from that release is that you have not disclosed the existing board’s involvement in the decision to proceed with both wells.
Mr Alan Stein joined the board on 6 September 2013. The Company mobilised the Endeavour jack-up rig on or about the 2 September 2013 and due to mechanical difficulties at the sight remained on location for a month before a decision was made to abandon the attempt and to demobilise the Endeavour.
ALAN BROOME, A.M
13 WILLOW STREET, LUGARNO
SYDNEY NSW 2210
Page2
I understand that at no time did Alan Stein express any reservations regarding staying on location while EOS-Petro closed its financing.
At a board meeting prior to the Company’s 2013 AGM on 29 November 2013, I understand that management highlighted the high risk nature of the West Eagle # 1 well but a decision was made to obtain quotes to mobilise the Glacier # 1 rig to location and to spud the West Eagle # 1 well. At the same board meeting a resolution was approved to formally terminate the farm-in agreement with EOS-Petro and an ASX release was made to that effect.
The Glacier # 1 rig did not mobilise to the West Eagle drilling pad until after the appointment of both Mr Gavin Wilson and yourself to the board.
I now highlight your statement on 16 June 2014 made to the ASX:
“To solve the Company’s funding problems at the time, and despite warnings from senior management, the previous Board placed an unreasonable degree of reliance on securing funding via a farm out transaction with EOS Petro Inc., a counter party that itself had no funding. As a consequence of the failure of that transaction the Company was forced to carry 100% of the cost of drilling two wells which were unfortunately both unsuccessful”
Your statement shifts the responsibility to others whereas the current board partly or wholly contributed towards the decisions to proceed with the expenditure on these two wells. Given the facts, elements of your statement to the ASX appear to be misleading and should be corrected.
Termination of Curtis Burton
I have reviewed the public statements in respect to the suspension, termination / resignation of Mr Curtis Burton. I understand that on or about 3 March 2014 Mr Alan Stein and yourself visited Houston and informed Mr Burton that shareholders representing in excess of 30% of the Company’s shares would not support additional capital injections whilst he was CEO and his position was terminated. I understand that Mr Burton’s Company email account was suspended and he was immediately escorted from the building – to me that sounds like a termination.
I understand that shortly after, you conferred with Mr John Young of Conway MacKenzie and it was realised that Mr Burton’s termination gave rise to a substantial liability to the Company. A decision was made to retract the termination and retrospectively suspend Mr Burton, on full pay, pending an investigation.
ALAN BROOME, A.M
13 WILLOW STREET, LUGARNO
SYDNEY NSW 2210
Page3
I understand that Mr Alan Stein and you terminated Mr Curtis Burton without receiving prior board approval or legal opinion as to the liability of such a termination would have for the Company. Mr Burton’s termination in the circumstances may have unnecessarily exposed the Company to a material liability.
I understand that there are video recordings which document the manner in which Mr Burton was terminated which is likely to reveal the true circumstances of his termination. I now highlight an ASX release made on 10 March 2014 where it states:
“…Mr Curtis Burton, Chief executive Officer and Managing Director, has been suspended with pay allowing for a review to be conducted.”
Given what I understand to be contained in these recordings it would appear that this statement may be misleading and as such in contravention of the ASX Listing Rules and Corporations Act.
Executive Contracts
The contracts with Mr Curtis Burton and Mr Dean Gallegos were entered into in July 2012. The remuneration packages set in those contracts were set after consultation with an independent Sydney based remuneration expert who conducted a peer comparison. The selection of the peer comparison was undertaken by the independent expert.
The contracts were drafted and reviewed by both the Company’s Australian and US attorneys, the termination provisions within those contracts were amended from the original drafts so as to comply with relevant regulatory requirements.
Effectively those termination provisions required shareholder approval for any termination benefits which were in excess of the maximum allowed under the Corporations Act. All issue of share options to executives who were considered a related party, including those two executives, were always approved by Buccaneer shareholders.
As you are aware there is no Corporations Act, ASX Listing Rule or Corporate Governance Principal that requires or recommends that executive contracts be approved by shareholders. In fact it would be considered unusual if executive contracts were voted on by shareholders of any company.
The execution of those contracts did not give rise to any immediate liability to the Company and as the contracts were executed after 30 June 2012, and were consistent with previous arrangements, there was no requirement to disclose the specific terms of those contracts until 2013 Annual Report that would be released in September 2013.
ALAN BROOME, A.M
13 WILLOW STREET, LUGARNO
SYDNEY NSW 2210
Page4
So as to maintain transparency the board at that time disclosed the terms of these contracts in both the 2012 Annual Report and 2012 AGM Notice of Meeting. During my time as a director, the Company was transparent with shareholders in respect to all matters concerning remuneration. Until the emergence in late 2013 of a Singapore based shareholder, the approval for the Company’s Remuneration Report at all previous AGM’s was in excess of 90% of shares that voted.
I now highlight your statement on 16 June 2014 made to the ASX:
“It also became apparent to the new Board that the Company had entered into new employment contracts with certain members of the executive management of the Company on terms that were, in the new Board’s opinion, imprudent, and in some cases appeared to have been constructed so as to avoid the need to seek shareholder approval. While this in itself is not the cause of the Company’s current financial distress it is indicative of a culture that existed in the Company at the time of the existing Board’s appointment that, in the Board’s opinion, was not conducive to good governance”
Given the facts this statement is false and misleading. It also defames the non-executive directors whose task it was to ensure that the Company operated within the law and complied with the ASX Corporate Governance Principals.
Current Board’s Contribution
Since the appointment of Mr Gavin Wilson and yourself on 6 December 2013 the only material transaction initiated, negotiated and concluded by the current board appears to be the refinancing of Buccaneer’s secured debt facility with Meridian Capital (the “Meridian Financing”), also Buccaneer’s 19.9% (and largest) shareholder.
It is not clear to me whether the various relationships between the board and Meridian Capital have been fully disclosed. Mr Gavin Wilson is a board representative of Meridian Capital. I now understand that Mr Alan Stein had a prior relationship with Mr Gavin Wilson of Meridian Capital and you were nominated to the board by Alan Stein.
As evidenced in US Bankruptcy Court Docket # 95 there are other significant Singapore based Buccaneer shareholders (the “Singapore Shareholders”) who are of the opinion that the Meridian Financing was in fact a loan to own and they appear to want the matter considered by the US Courts. This assertion is especially poignant given that Meridian Capital and the Singapore Shareholders collaborated to remove directors at shareholder meetings held on 2 July 2013 and 29 November 2013.
ALAN BROOME, A.M
13 WILLOW STREET, LUGARNO
SYDNEY NSW 2210
Page5
On refinance of the secured debt by Meridian Capital on 25 January 2014 the Company effectively had until the 30 June 2014 to repay Meridian Capital.
I understand that after the 25 January 2014 Company management and the board made a number of proposals to Meridian Capital which were rejected. However I also understand that in early February 2014 management also recommended to the board to approach Credit Suisse to refinance the Meridian Debt with a new long dated facility. Credit Suisse had previously provided a Term Sheet, but when asked the board chose not to pursue this as a viable option to repay Meridian Capital.
Retraction
Your statement to the ASX on 16 June 2014 in respect to the Executive Contracts has defamed me as a former director and Chairman of the Company.
I, along with the other former directors, demand a retraction (in a form to be agreed) be issued to the ASX. As you mailed the ASX Release dated 16 April 2014 to all shareholders I will also require that the retraction be mailed to all shareholders at the Company’s expense.
Alan Broome, A.M
New symbol tomorrow BCGFQ
looks like bk filed
http://www.otcbb.com/asp/dailylist_detail.asp?d=06/03/2014&mkt_ctg=NON-OTCBB
MK
Well after abandoning all hope, it looks like Curtis Burton is starting his own P/R campaign.
http://www.deepwaterconcepts.com
And he posted all the documents associated with his lawsuit and the claims of the company against him.
Very interesting.
If u can unlock the Meridian and A Stein to EOS and Gem issue then please let us know .
My view is EOS never had any money and was relying on Gem to fund them for off shore but it was only an option to participate not a definite here is the cash scenario .
We have wondered / even schemed if EOS and Gem would have any part into the future but I don't know .
Buccaneer has been digging themselves into a hole for some time now .
They couldn't pay the contractors on Kl hence the new loan from Victory park and very un favourable terms which we only found out about recently .
The JUR has been a major burden/disaster to the balance sheet and was poorly managed hence the reason costs of renovation blew out by 10's of millions and now they are stuck with an increased bare boat charter which they can't afford because they have also blown money on dud wells and law suites with ARCHER, sacked employee and the big one in CIRI . No one can know the outcome of those until they are resolved but if bcc is broke then they can't even afford the lawyers to fight them . The fact they are still suspended means they have no money or minimal .
The way I read it is that Meridian came on board then had to put their hand in their own pocket as bcc was having cash issues . Alan came on board when the 3 new directors walked after only being on the board a few weeks . Meridian always had the right to appoint someone and now they have . The previous 2 companies who loaned bcc 10 mill also had the right to appoint someone and had the right to force a cash raising if they couldn't repay the loan . BCC instead sold cosmo and KOV but it still wasn't enough to pay for the dud West eagle well , the bare boat thing , the current legal issues and managements wages . They made it quite clear after the sales more cash would be needed in the short term .
Now they have no or minimal cash so what is KL worth ?
and can CIRI issues be resolved quickly to get the most out of KL ?
and then is it that enough to pay out meridian ?
It's all very very tricky and I can't answer many things but it is fun speculating as many old shareholders believe this company has been dieing a slow depth for 12 months ish . So here we are .
U guys who have the opportunity to sell on pink and have a major advantage if u can find a buyer .Aussies have no such joy .
I also find it bizzare A.S came up with the cash for the shares when the others didn't but maybe just maybe the others knew what was happening and A.S didn't . Me thinks he has lots of problems just look at NEN and another share price tanking big time .
cheers
Oh I have read the releases and even made the trip down to Hotcopper to read their threads.
However, it strikes me as odd that once Alan and the new board joined a cascading effect has occurred with the share price tanking. It started with that very odd announcement of a rights issue, that was then retracted.
Alan has known Meridian for a very long time, is this a coincidence that he is added to the board after Meridian becomes a major shareholder, Dean is voted off by Meridian and things go down hill from there.
EOS is also related to this crowd and had several meetings with Meridian, they probably jump in after Meridian forecloses on the assets.
The very short period of time this all occurred should make us all question the relationships. If I were Alan and found myself in a shitstorm I would have resigned and not bought those shares.
So again, where did that money come from? Is he getting a sweet heart deal from Meridian or did they funnel the money to him so that he would gain the credibility to get this done.
I find it hard to believe that the previous board would be able to run the company for 7 years and then suddenly have it collapse without a little help.
Just an observation though, someone who just joined the forum a few days ago might be better informed, perhaps even being part of this little adventure?
"Where did Alan get the money to get his shares and why has this thing been just going straight down ever since those guys got on the board? "
There has been speculation why Alan came up with the cash for shares where as Gallegos and Burton didn't . Maybe G and B knew what was about to transpire when others didn't .
If u need to ask the question why it has been going down then u obviously haven't read about EOS not paying for off shore , Crap financials , A dud W.E well , a loan default to Victory park , CIRI issues on KL, no off shore drilling in winter at Comso , lost bonds on S.C and west eagle etc etc . Hows about u read the asx releases and get back to us .
cheers
You know what really doesn't look good.
What do we really know about Alan Stein and Patrick O'conner the newest board members. I got to talk to one of the Buccaneers, a land guy, and he said that Alan has known the Meridian guys for a very long time, perhaps even known Gavin for at least 15 years.
Where did Alan get the money to get his shares and why has this thing been just going straight down ever since those guys got on the board?
At least you could talk to Dean and Curtis was approachable, now everything is hush hush, and Meridian not only has a 20% equity stake they also own the loan on KL.
While share holders lose if this thing goes south, Meridian doesn't. I wonder what Alan gets out of making that happen?
I think this actually easier to understand, if the company was insolvent and going away why would Meridian allow it go forward. Their loan is secured by KL and if they consider their equity to be gone why wait for the company to reduce the value of the asset any further.
It's only a guess but my bet is that they are in no hurry to foreclose on the company and are working with these guys to resolve the big issues the company is facing.
We should see an announcement that they are beginning trading again or that they need more time. I doubt very much that we will see an announcement stating that they are going away.
Fortunately we can still buy and sell in the US while we wait for them to sort this out.
"Not really even sure why they would suspend trading in Australia. "
Hey there all , Been following your posts off line for a while but felt it time to join when someone posts a statement like the above .
Have u not thought that the company could be trading while in solvent ? and the lack of result at W.E which not only cost them huge money proved up nothing in the drill plus the potential loss of another 1.2 mill in bonds .
There must be a reason they have started to post their financial position in recent asx releases .
The reality is they have bucket loads of debt which is also adding to the pressure when they have to pay 16% interest rates and a jack up rig that is not working costing a minimum of 70k a day plus storage fees .No need to mention the C.I.R.I issues which could cost them a big percentage of previous income and a rather large percentage of forward income as well . The things a mess and only those trading the pink sheets now have the opportunity to sell and that doesn't look pretty either . Wonder if they have paid the lawyers up front for all the different law suites they face ? If they can't pay the lawyers then they can't contest the law suites so the other side wins .
Make no mistake this company is a big fat mess , always has been and if they do somehow survive which I can't see then it will be nothing but a shell with squillions of shares on issue .
bye for now .
Fishin, no it doesn't look good.
But not much has changed except that they spent 5 million to drill a dry hole. Southern Cross was a much bigger hit and West Eagle wasn't a high priority until after they left it.
Reserves still the same, production rate still the same, loan with Meridian still the same as last month.
Not really even sure why they would suspend trading in Australia.
I notice the link to Cook Inlet Keeper, he's a blow hard and his facts are squishy at best.
The most important thing the company could do now is decide how they are going to handle the Meridian loan coming due and announce next plans for onshore and offshore drilling.
It doesn't look good.
ASX RELEASE – 17 FEBRUARY 2014
WEST EAGLE #1 CEASES OPERATIONS
FINANCIAL POSITION
Buccaneer will need to have access to additional working capital in the short term in order to undertake the required steps to repay the Meridian Facility by 30 June 2014 (refer to the announcement dated 28 January 2014). This may involve, amongst other things, a sale of assets and/or capital raising.
The Board of Buccaneer is working with Meridian and the company’s advisors to agree on a plan of action, details of which will be announced as soon as an agreement has been reached.
******************************************************
Teetering on Bankruptcy?
http://inletkeeper.org/blog/buccaneerbadexample
(I'm out some big dollars on this one, am hoping for a miracle)
Ok, this is probably the hardest thing an oil can face.
When do you call it a dry hole. It could be argued that if you don't take it all the way to bottom you really don't know. At the same time, if you have evaluated the seismic and made determinations and they don't pan out, when do you call it. Well Buccaneer called it.
I'm sure they knew what that would mean back in Australia, but I am not sure Australia knows what that means in AK.
Here is a company that realized they had nothing and instead of sticking the State with more ACES rebates and prolonging the agony they stopped drilling.
This preserves their capital and is going to give them credibility to get their bonds back. They could just have easily cost the State more money.
Now the question is what happens now. The West Eagle project didn't have any reserves booked, they had never borrowed money based on it's success, so the overall picture of the company has not changed.
If Meridian is happy then the company continues as is. If they are not then all hell breaks loose. For those predicting the companies demise, it would take more than this to do that, unless Meridian wants to crater the company. I think not.
The trading halt does concern me though, why are they in a trading halt, unless they are out of money, but the overall picture doesn't show that.
Just wondering.
Nice post... thanks.
What does it mean when you lose fluid?
Interesting little company, one minute they are flying high on Cosmo with a JV partner claiming they are going to pick up the tab on everything else and the next minute they are out of money, the State is chasing them on royalties and the partner has evaporated.
They are drilling at West Eagle on leases surrounded by Hilcorp so one can bet that any success is going to get swallowed, they are late so the State could take their bonds (1.2 million), they are drilling without a partner and trying to find gas for the State at the States request.
The drilling is slower going than they thought it would be, I heard they were losing drilling fluid into the formation, but they are pretty excited about it.
They sold their ownership in the offshore Jack-up, they let Southern Cross go, they kept Tyonik Deep. A well known but difficult to reach target.
Now their share price has tanked, they have a new board and the only one still on board that has a clue about the business is Curtis Burton. Rumor has it he wasn't happy with the advice he was getting from the old board so maybe now he will be able to get things moving.
Not to be ignored is that they have fired their Alaska team leaders and added a whole new G&G team. That must of been fun.
They have a billion dollar fund behind them, Meridian, and now we just have to wait and see where this goes. At 1 cents, I can't imagine it going down from here.
Green oil, natural gas, has become a real challenge for these guys.
Any update on WE? Thanks
This left a mark.
When my wife finds out.. it'll GROW! lol
NEXT!!!
twisting in the wind--
http://www.petroleumnews.com/pnads/241456460.shtml
such potential,and such inept management-
futr
Sad. Thank you for the link.
Indeed...
In other news, BCC.ax has been halted until they announce the outcome of the asset sale (or lack thereof).
http://hotcopper.com.au/announcements.asp?id=651548
For anyone that doubts operations are difficult in Alaska, even onshore this article aught to be an eye opener.
http://homernews.com/homer-news/local-news/2014-01-22/truck-driver-killed-in-east-end-road-crash
Our prayers should be for this man helping us get this project done and for his sacrifice. May he rest in peace.
On the upside they are obviously drilling at West Eagle.
Thanks for keeping us up-to-date.
Good article, lazy reporting
http://peninsulaclarion.com/news/2013-12-18/homer-gives-show-of-support-for-buccaneer
Talked to my connection, he says all the permits are ready and he assumes after "management" get tired of doing tours for people in suites in they will get started drilling.
I guess the reporter was just letting us all know what permits were required, and forgot to add that Buccaneer has them.
Ok, I think we can see what the delay really is at this point. Reading what GreenOil posted by Alaskaman is interesting. My question would be why as soon as Dean is off the board does Jim get taken out?
Why is Allen gone after all this time, when we have never seen anything from him? Interesting that Fitzgerald get's added and now Allen is gone.
How many others are going to fall. Do we really know when "senior management" was appointed? It could be that these changes were all ready underway and just needed a rubber stamp from the new board.
I guess the proof will be in the results, if West Eagle gets started and something happens on Cosmo, maybe a reserves report, we will begin to see some results.
The pictures show pretty severe whether, but I think an all new board is having an effect. Perhaps Alan has less patience than Dean for performance. It seems that Jim Watt was just let go and Andy Rike is taking over his duties.
http://www.buccaneerenergy.com/updates_from_ceo Perhaps the board took a look and decided that Alaskaman was right about what was wrong with the Alaskan strategy.
http://seekingalpha.com/instablog/650237-alaskaman2030/1747491-we-all-love-the-blame-game-but-who-really-stalled-buccaneer-energys-endeavour-s
You have to believe they took one look at the "Stellar" deal that these guys cut and the performance they have turned in and it probably became pretty clear why Curtis has been adding bodies. What probably wasn't clear was why these guys were still there. How many geologists do you need anyway.
Interesting that the only things that have actually gotten done are stuff that was bought after the purchase of Stellar. It also seems that Andy only took over all operations after Kenai number 3. Then a long pause before Kenai number 4 and now with all the issues surrounding the lease hold, the expiring Units, etc. Jim gets fired. Very interesting.
Thanks for posting the pictures....Any idea what the hold up is and how long before they spud??
Cheers
Thanks for the update. Nothing is fast or smooth with BCC but the assets are there.
From Hot Copper:
Alan Stein pays an 85% premium to the last traded price for a $520k investment..
Great move by AS to back the company and show the market management have full confidence in the future of this company.....This will be the driving guy behind the company going forward IMO....
Is this the start of a significant turnaround...
Well done AS!!!
Well lets see, my contact says that he has been at the drill site last several days and the rig is arriving every day.
As to Konstant, something weird must have happened there. Either he wanted to get control of the drill, the company or he found another shiny bobble to play with. It is not like him to jack around with something for so long and then just walk away.
I notice that nothing has been announced by EOS or GEM so there might still be something there.
Maybe he and Curtis couldn't come to terms on how things were going to get done.
Any update on WE?
Also, do you think EOS and Konstant have played their last hand?
The EOS deal has been terminated.
http://hotcopper.com.au/announcementFiles/2013/BCC/1fcc7e27-135f-4cbc-a730-36bc764977e1-BCC771109.pdf
BCC.ax/bcgyf +.003 to A$.033 Buccaneer has fallen off a cliff recently but I don't think things are as bad as the chart indicates.
The ACES revolver is working as intended, allowing BCC to pay bills while waiting for the State to reimburse them under the ACES program. The ACES program is a unique program that allows Buccaneer to get up to 65% back from the state for their drill expenses.
Bluecrest Energy has taken their time to pay for their share of Cosmos but they finally raised the money and should be caught up by the end of November. I am assuming they have raised enough to pay for Cosmos 1 & 2 so Cosmos 2 can be drilled this winter on schedule.
The dispute over KL-4 and the other KL wells is unfortunate but it is squabbling over the royalties that Buccaneer has already paid. It doesn't mean CIRI gets new amounts from Buccaneer unless BCC is ruled to be draining their pool. Hopefully they site the next well away from the boundary lines so CIRI can't claim anything but they probably will anyway. I have high hopes for West Eagle. Sounds like they are getting ready to drill there and we will find out if the prospect is as good as it looks.
Finances certainly have been helped by the extra flexibility of the ACES Revolver and the payment of the Bluecrest receivable but the JV certainly hasn't worked so far. If the JV can't fund West Eagle, BCC will have to go it alone and keep 100% WI.
I have bought a little more BCC.ax during the price weakness. We should get any positive information that's available during the upcoming AGM meeting. Hopefully that will help the share price bounce back into the .04 and .05's.
News from web site, these are fairly new releases, comments appreciated.
http://www.buccaneerenergy.com/pdf/22nov2013_aces_revolver_drawn_down.pdf
http://www.buccaneerenergy.com/pdf/18nov2013_Bluecrest_Energy_Inc_Receipt_of_Receivable.pdf
http://www.buccaneerenergy.com/pdf/04nov2013_kenai_loop_project_cook_inlet_region_inc.pdf
Thanks. I was getting worried. So many prime prospects but Buccaneer always seems to run into bad luck, bad timing, bad something!
Thanks for keeping tabs and alerting us to some positive news.
Bobwins
Well it looks like things are happening, just talked to one of my contacts that has been hired to start on the West Eagle Project he has been told he needs to report in 10 days.
So that means that something must be moving, unless he is being hired to sit on his hands.
I believe this explains the Huge Drop-
http://www.buccaneerenergy.com/pdf/04nov2013_kenai_loop_project_cook_inlet_region_inc.pdf
futr
I have no good answer to that question. Sure seems like an over reaction to me.
who is dumping? why is this tanking?
Buccaneer Energy Limited (ASX:BCC) New Gas Sales Agreements
ABN NewswirePress Release: ABN Newswire – 6 minutes ago
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Buccaneer Energy Limited
BUCCANEER ENERGY
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BCC.AX 0.048 +0.003
Sydney, Australia, Oct 22, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC.AX - News) (OTCMKTS:BCGYF - News) ("Buccaneer" or "the Company") is pleased to advise that it has executed two short-term gas sales contracts.
The first contract requires up to 2.0 million cubic feet per day ("MMCFD"), and was executed with a large commercial end-user. This contract is anticipated to commence mid-November 2013 and last for a period of approximately 5 months. Gas volumes to be delivered under this contract will be dictated by weather conditions.
The second contract is with a Cook Inlet oil producer. This contract is being executed as a backup during the winter months to ensure operation of their oil facilities in the Cook Inlet. No specific volumes have been committed to, and deliveries will be dictated by the requirements of the customer.
Pricing of both contracts is consistent with recent gas sales agreements in the area, and sits in the range of US$6.80 - US$7.00/MCF.
These new gas sales contracts are in addition to existing long-term contracts with ENSTAR, under which the Company is supplying 9.5 MMCFD at an average weight price of approximately US$6.50/MCF.
About Buccaneer Energy Limited:
Buccaneer Energy Limited (ASX:BCC.AX - News) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.
The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:
- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.
Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.
Contact:
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
Source:
Buccaneer Energy Limited
Copyright (C) 2013 ABN Newswire. All rights reserved.
Buccaneer Energy Limited (ASX:BCC) Kenai Loop 1-4 Well - Additional Production Test Data
Sydney, Australia, Oct 17, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC.AX - News) (OTCMKTS:BCGYF - News) ("Buccaneer" or "the Company") advises that the absolute open hole flow potential ("AOFP") of the perforated 24' section of the 9,700' sand in the Kenai Loop # 1-4 well is 11.5 million cubic feet per day ("MMCFD").
The perforated section successfully flowed at a rate of 5.9 MMCFD on a 20/64" choke with a flowing tubing pressure ("FTP") of 2,525 psi and no water detected. Gas was flared at the location.
The Company believes that the 24' section that was tested will produce at a stable rate of 4.5 - 5.0 MMCFD.
If the Company decides to test additional prospective zones intersected while drilling, this testing can be completed using a smaller rig. The Glacier rig is being prepared to be mobilised to the West Eagle Unit site, which is approximately 100 miles to the south of Kenai Loop, the West Eagle drill site is ready to commence drilling operations on arrival of the Glacier rig.
About Buccaneer Energy Limited:
Buccaneer Energy Limited (ASX:BCC.AX - News) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.
The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:
- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.
Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.
Contact:
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
http://au.finance.yahoo.com/news/buccaneer-energy-limited-asx-bcc-000500305.html
KENAI LOOP # 1-4 SUCCESSFUL PRODUCTION TEST
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is very pleased to advise that a 24’ section of the 9,700’ sand of the Kenai Loop # 1-4 well was perforated and successfully flowed gas to surface and the well was shut-in for a 24 hour period to monitor pressure build-up.
The well was then re-opened and a four point test undertaken, with the well flowing gas to the surface at a rate of 5.9 million cubic feet per day (“MMCFD”) on a 20/64” choke with a flowing tubing pressure (“FTP”) of 2,525 psi and no water detected, gas was flared at the location. The absolute open flow potential (“AOFP”) will be calculated and a further release will be made.
The Company is now assessing if additional prospective zones intersected while drilling will also be tested.
A four point test is a process of flowing the well at four different choke sizes for a period of 2-4 hours for each choke size so as to measure both flow rate and FTP.
Annual Report is out-
http://www.buccaneerenergy.com/pdf/30sep2013_annual_report_2013.pdf
futr
And we don't pay for the delay!
minor delay...lucky it happened before drilling started-
futr
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