Buccaneer Energy signs LOI for farmout of Alaska assets

Buccaneer Energy Limited advise that a non binding Letter of Intent ("LOI") has been executed with a US based public company ("Farm-In Party") to farm-out the following projects that are currently 100% owned by the Company:

• Southern Cross Unit;
• North West Cook Inlet Unit; and
• North Cook Inlet Unit - Deep Oil Rights.

The Farm-In party will pay 100% of the costs associated with two wells in each of the above projects for which it will earn a 49% working interest.

In addition the Farm-In Party will be granted an option to earn a 49.0% working interest in the Company's 100% owned onshore West Eagle project by paying 100.0% of the costs of the first two wells.

Buccaneer will retain a 51.0% working interest and the role of Operator in all of the above projects.

Additionally, the Company will retain its existing working interest in both the Kenai Loop Project (100%) and Cosmopolitan Project (25%).

The LOI contemplates that on completion of the above wells and the assignment of a 49.0% working interest to the Farm-In Party that all future expenditure on the above projects will be based on individual working interest ownership.

The LOI stipulates that the Endeavour jack-up rig must be used on all off shore drilling that is subject to this LOI.

The LOI provides the basis for the parties to negotiate and if agreed, execute, a binding Exploration and Development Agreement ("Agreement") at which time further details will be disclosed. The LOI acknowledges that the proposed transactions will be subject to satisfaction of conditions, including board approval by both parties. The LOI will automatically terminate on 15 September 2013 if an Agreement has not been executed and either party may withdraw from the LOI at any time.

If the Farm-In party proceeds to drill all 8 wells subject to this LOI, total expenditure by the Farm-In Party is expected to be between US$150.0 - US$200.0 million.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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'Jobs' movie poster released in all its technicolor glory

The 'Jobs' movie starring Ashton Kutcher launches officially in August, and here we have the first official poster shared by. Shared by Moviefone It features an almost unrecognisable Kutcher in full Steve Jobs attire, footed by a simple tagline:

"Some see what's possible, others change what's possible"

Ahead of the movies opening on August 16, the producers, Open Road Films, has released some new still images of Kutcher and co-star Josh Gad as Jobs and Steve Wozniak. We have to admit at this point, we're pretty curious to actually, finally see this movie. How about you guys?

Source: Moviefone, MacRumors

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Giant superconducting ring takes a road trip

(Image: Brookhaven National Laboratory)

It looks like an alien spaceship about to take off on an intergalactic adventure. In reality this gargantuan object is a ring of superconducting magnets made by human hands, but its current journey is as bizarre as any a spacecraft might make.

The 15-metre-diameter ring was originally used at Brookhaven National Laboratory in New York to measure the magnetism of the muon, a subatomic particle that is essentially a heavier version of the electron. Now researchers at Fermilab in Batavia, Illinois, want to use it for a new experiment called Muon g-2. The only problem is moving it to its new home, about a third of the way across the US.

You can't just stick the ring in the mail, even if you could find a big enough stamp: so delicate is the wiring inside that even tiny disturbances would wreck it. That's why the ring has to move at a snail's pace on a specially designed truck. No one would want to get stuck in traffic behind this monster, so it only brought the ring to a nearby marina. There it was transferred to a barge, which is now sailing down the east coast.

The barge will round the tip of Florida before eventually chugging up the Mississippi river to Illinois, where the truck will take over again for the last leg of the journey. That's some detour.

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