Alaska: Buccaneer Energy Enters JOA with Ezion and AIDEA for New Jackup Rig

Buccaneer Energy Limited advised that the board of the Alaskan Industrial Development and Export Authority (“AIDEA”) voted unanimously at its board meeting on 25 May (US time) / 26 May 2011 (Australian time) to invest up to US$30.0 million, as a joint owner, in the acquisition of a jack-up rig.

As a result of this approval, the Company advises that the Joint Ownership Agreement (“JOA”) between the Company, Ezion Holdings Limited (“Ezion”) and AIDEA was executed on Friday 2 June 2011 (US time).

The Company and Ezion will each own 50% of the common ownership in the rig ownership entity Kenai Offshore Ventures, LLC (“KOV”) and AIDEA will own 100% of a preferred ownership interest.

KOV is now in the process of finalising the Conditions Precedent within the JOA which need to be satisfied so draw down of AIDEA’s investment funds can be undertaken.

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Source:Bucaneer , June 9, 2011;