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Buccaneer Energy Limited (ASX:BCC) Cosmo No 1 Well - Progress Report.

Sydney, Australia, July 2, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASC:BCC) is pleased to provide the following update on the progress of the Cosmo # 1 well in which the Company has a 25% working interest:

Time: 9.00am (Sydney) 2 July 2013 / 3.00pm (Anchorage) 1 July 2013.

Depth: 5,597' Total Vertical Depth ("TVD")

Activity: Wire line logs successfully run, sidewall coring completed in key zones of interest, and MDT sample taken in one gas zone.

9 5/8" casing has been successfully run and cemented to 5,479' measured depth ("MD"). Preparations are underway to drill-out and recommence drilling to 8,000' MD.

Preliminary Wire Line Logging Interpretation

Wire line log interpretation confirms the potential gas productive zones previously identified from data acquired while drilling (LWD). Preliminary analysis indicates approximately 170' of possible gas with at least one zone known to be capable of gas production as a gas sample was taken using an MDT.

Logging indicates all potential gas zones are now behind pipe.

At least one 'good' rotary side-wall core was obtained in each of the primary zones of interest. Visual inspection indicates encouraging quality of the reservoir cored. Porosity and permeability data obtained from processing of the rotary side-wall cores will be used to better calibrate the log measurements to decide which zones to perforate and flow test.

Well Plan:

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000' ("TD").

Surface casing was set at 800' after which the well was drilled to the top of the Tyonek Formation ("Tyonek") at 2,055' where casing was again set. The 9 5/8" casing was set at 5479' MD.

The Upper Tyonek gas zones are behind pipe and the plan is to drill through the Lower Tyonek formation before drilling through the proven oil bearing Starichkof and Hemlock formations, and will target depth after drilling the prospective West Foreland Formation. The current plan is to take oil cores in the oil formations to augment the reservoir data to further optimize the future oil plan of development. At this stage it is not planned to flow test the oil formations.

On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas formation. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested. The well will then be temporary abandoned as a future gas producer.

About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.

The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:

- Assets with attractive economics;

- Assets that have existing infrastructure in place that can be accessed;

- Assets near a commercial market that has been de-risked; and

- Assets that have multiple stacked pay targets.

Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.

Copyright 2013 ABN Newswire

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Publication:ABN Newswire
Geographic Code:8AUST
Date:Jul 2, 2013
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