Buccaneer Energy announced Tuesday it had completed an area 3D seismic program that started in December 2011 and said officials were optimistic about what the data would indicate.
"Preliminary evaluation of the quality of the data is very positive and we are looking forward to the results of the 3D seismic processing now in progress," the company wrote in a press release.
The seismic work covered 23.4 square miles and includes the 9,308 acre lease position on Buccaneer's Kenai Loop project.
"The final coverage was slightly smaller than the planned 25 square mile program due to some wetland restricted areas, but well within our design to properly image our targeted productive horizons," the company wrote.
According to the release, the 3D seismic was designed to provide high-resolution structural and stratigraphic imaging 20,000 feet deep. Buccaneer reported 65 percent of its seismic costs will be covered by the state's ACES program as an exploration expense.
Data from the 3D seismic is currently being processed and is expected to be completed in the middle of May. The data will then be mapped and analyzed for "geophysical locations of prospective hydrocarbon anomalies," which will then be integrated into models and used to determine the next well locations in the Kenai Loop area, according to the release.
"Our contractor, Weems Geophysical, did an excellent job working with the community to acquire this data and we are looking forward to seeing how this data can improve our drilling program this year," Director Dean Gallegos wrote in the release.