BCGYF, Good News (For a change)...
Buccaneer [BCGYF] was expecting only gas in the Tyonek Formation from 3600' to 6000', but I am hearing that they have found oil in much higher intervals than expected prior to drilling. This is a good thing because not only does it mean that there are oil-bearing zones of interest in the Tyonek Formation, but it also suggest that the deeper formations, below the Tyonek Formation, will also be oil-bearing.
It has taken a long time for Buccaneer to obtain this information, but for now, the news could not be better.
Buccaneer will TOH, Run Wireline Logs, Run 9.625" casing, and cement before drilling to a Total Permitted Depth of 8,000 feet. Note: Based on Seismic Data, Buccaneer is planning to obtain full-core samples from 6,900 ft to 7,300 ft which was thought to be oil-bearing sands pre-drill & recent oil shows in the overlying Tyonek Formation have solidified this pre-drill analysis.
Additional information: I hear that they had to cut the morning conference call short yesterday morning because they took a kick & the well started flowing on them. They have since increased the mud weight to stop the flow & will be wireline logging for the next 3-4 days...
