Buccaneer Energy Ltd. announced in a press release that a 20-m (66-ft) section of the sand at approximately 1,311 m (4,300 ft) measured depth was perforated and flow tested in the Cosmo #1 well, located in the Cook Inlet offshore Alaska.

The well has successfully tested gas at a maximum rate of 207 Mcm/d (7.3 MMcf/d) on a 30/64-in. choke with a flowing tubing pressure of 1,350 psi and no water, according to the press release. Gas was flared at the location.

A four-point test was carried out to estimate the absolute open flow potential of the reservoir. Once the pressure data are recovered from downhole testing equipment and the absolute open flow potential is finalized, a further release will be made, Buccaneer said.

These results are in addition to the first gas production test on a 22-m (73-ft) sand section at approximately 1,676 m (5,500 ft) measured depth. The zone successfully tested gas at a maximum rate of 204 Mcm/d (7.2 MMcf/d) on a 30/64-in. choke with a flowing tubing pressure of 1,318 psi and no water, according to the press release. The absolute open flow potential of this section was calculated as 266 Mcm/d (9.4 MMcf/d).

At this stage, only the above two gas zones within the Tyonek formation will be tested, the company said; however, there are multiple additional shallow gas zones within the Tyonek formation, which may be seen and tested in future appraisal wells. The Cosmo #1 test results are seen by the company to be extremely positive, according to the press release. The company will now proceed with a new third-party reserve estimate and finalization of field development plans and capex estimates. The Cosmo #1 well will now be suspended as a future productive well.

Once operations are completed at the Cosmo #1, the Endeavour jackup rig will be mobilized to the Southern Cross unit to spud the Southern Cross #1 well, Buccaneer said.