Southcentral Alaska is currently experiencing severe gas shortages and the winter peak pricing of incremental gas supply reached US$22.00/MCF in the past 60 days. The Company has a minimum deliverability of 5.0 MMCFD to Enstar under its current gas sales agreement at an annual weighted price of US$6.24/MCF. Incremental production above this level is being sold into the winter peak pricing environment, while the Company negotiates a new long term gas sales agreement with potential purchasers.For further information on Buccaneer, please visit the Company’s website at www.buccenergy.com. About Buccaneer Buccaneer Energy Limited is an Australian listed company focused on developing its 100% owned oil & gas assets in Alaska. The Company's flagship projects are a series of onshore and offshore developmental and exploration prospects in Alaska’s Cook Inlet. Buccaneer Energy has a 3 pronged cash flow strategy:
- Developing the 100% owned Kenai Loop onshore gas project with independently assessed 6.4 MMBOE in 2P Reserves;
- Operating an offshore jack-up rig for use by third parties in the Cook Inlet; and
- Developing its 100% owned offshore Cook Inlet projects that have independently assessed 88.4 MMBOE in 2P Reserves / P50 Resources using the acquired jack-up rig.