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4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Buccaneer Energy Limited.       AU000000BCC3

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Buccaneer Energy Limited. : Update on AIDEA Jack-up Investment

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10/06/2011 | 04:20am CET
ASX RELEASE – 6 OCTOBER 2011UPDATE ON AIDEA JACK-UP INVESTMENT

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update in respect to the Alaska Industrial Development and Export Authority (“AIDEA”) participation in the acquisition of the Adriatic XI.
As previously advised the Joint Ownership Agreement (“JOA”) executed between the Company’s 50% owned subsidiary Kenai Offshore Ventures, LLC (“KOV”) and AIDEA contains 15 Conditions Precedent that must be finalised prior to draw down of the AIDEA investment.
The Company considered 6 of the Conditions Precedent to be “key” Conditions Precedent and these are listed in Schedule 1 with progress to date. The remaining 9 Conditions Precedent have either been completed or documentation has been agreed upon and is awaiting execution.
It was a condition of the JOA that the Conditions Precedent be finalised by 30 September
2011. AIDEA has agreed to extend this date to accommodate the anticipated 25 October
2011 closing.
For further information please contact Dean Gallegos on 0416 220 007 or 02 9233 2520, alternatively visit the Company’s website at www.buccenergy.com.
Yours faithfully

BUCCANEER ENERGY LIMITEDMr Dean GallegosDirectorSCHEDULE 1KEY CONDITIONS PRECEDENT TO THE JOINT OWNERSHIP AGREEMENT

Condition Precedent

Progress

1. Execution of a Term Loan Agreement between KOV and the Senior Lender, on terms and conditions acceptable to AIDEA;

Significant loan terms agreed. Finalising transactional documents.

2. Execution of a Purchase Agreement with Transocean Limited for the acquisition of the Rig, on terms and conditions acceptable to AIDEA;

Completed

3. Execution of a commitment by Buccaneer and Ezion to contribute a minimum of US$5,000,000 in exchange for ownership interests in KOV;

Completed

4. Execution of a commitment by Ezion to loan funds to KOV sufficient to cover the first three (3) months of debt service on the Term Loan (estimated at approximately US$3,300,000) prior to the activation of the bareboat charter agreement;

Documentation completed, awaiting execution

5. Selection of a contractor and completion of the form of a Repair Contract for refurbishing and upgrading the Rig on terms and conditions acceptable to AIDEA;

Contractor selection process completed. Repair Contract finalised awaiting execution.

6. Execution of a guarantee acceptable to AIDEA that Buccaneer will drill four wells in Cook Inlet using the Rig;

Documentation completed, awaiting execution

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