Jack-up rig $60 million closer

Posted: Tuesday, November 16, 2010

An Alaska state agency has given preliminary approval to the financing of $60 million of the costs for a company to bring a jack-up rig to Cook Inlet to drill exploration wells.

The Alaska Industrial Development and Export Authority has said they may also make an equity investment in Kenai Ventures LLC, a company formed by Houston-based independent, Buccaneer Alaska. According to Buccaneer vice president, Mark Landt, who spoke in Kenai last week, Kenai Ventures is looking to buy a jack-up rig in Asia and move it to the inlet next year.

Read the full story in Wednesday's Clarion.

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