Buccaneer seeks credits for dry well near Homer

Feb 20, 2014 -- 11:00am
- ANCHORAGE, Alaska (AP) - An Australian petroleum drilling company is asking the state of Alaska to help pay for the cost of drilling a well near Homer that came up dry. Buccaneer Alaska LLC on Monday announced it plans to file for nearly $3.1 million in credits offered as an incentive for Cook Inlet drilling. The Anchorage Daily News (http://bit.ly/MeXanw) reports Buccaneer plans to plug the dry well that cost more than $9 million 20 miles northeast of Homer. The company halted work at the West Eagle No. 1 well at 3,700 feet. The company also wants two $600,000 performance bonds returned from the state. The state Department of Natural Resources in December said the state planned to keep one $600,000 bond because Buccaneer missed a Dec. 1 deadline to start drilling.

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