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Buccaneer Energy Limited (ASX:BCC) Kenai Loop - Successful Production Test.

Sydney, Australia, Jan 14, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) is very pleased to advise that on Saturday 12 January 2013 (Sydney) a 10' section of the upper most sand at 10,300' measured depth was perforated, this sand correlates to the 9,700' sand in the Kenai Loop # 1 well.

In the initial stage of testing, the Kenai Loop # 4 well has successfully tested gas to the surface at a rate of 3 million cubic feet per day ("MMCFD") on a 12/64" choke with a flowing tubing pressure ("FTP") of 3365 psi with no water detected. Gas was flared at the location, see link below for image.

The well flowed uninterrupted for 24 hours and was shut-in at 11.00pm Sunday 13 January 2013 (Sydney) for 24 hours to conduct a second pressure build up test. On completion of the shut-in period, a four point test will be undertaken to establish the absolute open hole flow potential of the well. A further release will be made on completion of this testing.

A four point test is a process of flowing the well at four different choke sizes for a period of 2-4 hours for each choke size so as to measure both flow rate and FTP.

View the release and image at:

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 2012 ABN Newswire

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Publication:ABN Newswire
Geographic Code:8AUST
Date:Jan 14, 2013
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