Cosmopolitan

Australian oil and gas company Buccaneer Energy has signed binding agreements with Apache Alaska to acquire complete stakes in four oil and gas leases in the state of Alaska.

Spreading across 14,353 acre area, the oil and gas leases include ADL 391899, 391902, 391903 and 391904 and are located near the existing Cosmopolitan Project, in which the company owns a 25% stake.

The remaining 75% working interest in the existing Cosmopolitan Project is owned by BlueCrest Energy.

Buccaneer Energy has offered an option to BlueCrest to acquire a 75% working interest in the leases, under terms similar to its agreement with BlueCrest.

The leases are expected to have the potential to contain new reserves that are associated with the Cosmopolitan geological structure.

"The remaining 75% working interest in the existing Cosmopolitan Project is owned by BlueCrest Energy."

Financial terms of the deal have not been disclosed by Buccaneer.

Buccaneer Energy focuses on developing its 100% owned oil and gas assets in Alaska and its flagship projects include a series of onshore and offshore developmental and exploration prospects in Alaska’s Cook Inlet.

The company, which has a 50/50 joint venture with Singapore-based Ezion, also has major working interests in Texas and the Gulf of Mexico, US.


Image: Cosmopolitan Project offset acreage. Photo courtesy of Buccaneer Energy.

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