Buccaneer is planning to acquire a jack-up rig that will operate in all areas within the Cook Inlet as well as the Beaufort Sea and Chukchi Sea off the North Slope of Alaska.

The jack-up Buccaneer will have the ability to operate in waters up to 300 inches in depth and drilling wells up to 25,000 inches.

The Alaska Industrial Development & Export Authority (AIDEA) proceeding with its due diligence review of the rig, which includes analysis of the project’s proposed financing terms, its operating structure, and other components of a major infrastructure project.

Buccaneer is in the process of obtaining all the required permits to drill four offshore wells in Cook Inlet, which are expected by May 2011.

The rig will be moved to Alaska from a foreign port to avoid the need to obtain a Jones Act Waiver from the US Federal Government.