Buccaneer Energy Limited advises that due diligence investigations by the Alaskan Industrial and Development Export Authority (“AIDEA”) in respect to AIDEA making a direct equity investment into the Company’s wholly owned subsidiary Kenai Offshore Ventures, LLC (“Kenai Offshore”) is preceding satisfactorily.
AIDEA are awaiting a report from an independent consultant which is expected to be completed in the week commencing 13 December 2010. The AIDEA board are now expected to meet in the same week to consider and vote on the proposed investment.
The due diligence currently being completed by the independent consultant will also be used to finalise due diligence by the Bond Placement Agent, Key Banc Capital Markets, Inc in respect to the issue of the Recovery Zone Facility Bonds.
About Buccaneer Energy Limited
Buccaneer Energy’s wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specialises in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential.
Buccaneer’s growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess significant undeveloped upside.
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Source: Bucaneer Energy Limited, December 6, 2010;