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Cosmopolitan Oil Spill Plan Approved & Drilling Permit Received

Buccaneer Energy Limited ("Buccaneer" or "the Company") is pleased to advise that the Alaska Department of Environmental Conservation ("ADEC") has approved the revised C-Plan, also referred to as the oil spill plan, for the Cosmopolitan ("Cosmo") project.

Additionally the Alaskan Oil and Gas Conservation Commission ("AOGCC") has approved the drilling permit for the Cosmo # 1 well.

The "Endeavour – Spirit of Independence" ("Endeavour") jack-up rig is currently on location and is preparing to drive a conductor pipe to spud the Cosmo # 1 well. Driving of the conductor pipe is anticipated to be completed by 17 April (US time) after which the Endeavour’s pressure control systems that operate while drilling i.e. mud systems and blowout preventer's, will be tested to satisfy AOGCC certification.

On receipt of the final AOGCC certification drilling operations will commence, at which time the Company will give a further update
.




Yours faithfully

BUCCANEER ENERGY LIMITED

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