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Buccaneer Energy Limited (ASX:BCC) Kenai Loop Well 1-4 - Progress Report.

Sydney, Australia, Sep 3, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) ("Buccaneer" or "the Company") is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 1-4 well:

Time: 9.00 am (Sydney) 3 September 2013 / 3.00 pm (Anchorage) 2 September 2013.

Depth: 9,550' Measured Depth ("MD") / 9,358' True Vertical Depth ("TVD")

Activity: Drilling to the intermediate casing depth of 9,550' MD has been successfully completed. Currently in final phase of running 7 5/8" intermediate casing string to approximately 9,500' MD, within the Tyonek Formation, as per plan.

After running and cementing this casing string, installing and testing the necessary wellhead and blowout preventers, and testing the casing shoe for pressure integrity, drilling will resume. The primary target sand(s) are expected to be encountered within the next several hundred feet below this intermediate casing string.

Well Plan:

The Kenai Loop # 1-4 is being drilled from Drilling Pad # 1 which is the same drilling pad as Buccaneer's other Kenai Loop wells and will be drilled to approximately 10,700' TVD / 10,897' MD.

The well will be drilled to a target that appears to be fault separated from the current producing zones in the Kenai Loop # 1-1 and Kenai Loop # 1-3 wells and is expected to be completed in late September 2013. The current production facilities at Drilling Pad # 1 will need minor upgrades to facilitate production from this new well and preliminary plans have been finalized to perform these upgrades with minimal delays.

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:Sep 3, 2013
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