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Buccaneer Energy - Cosmo # 1 Well – Drilling Report # 11 - ASX Release

COSMO # 1 WELL – DRILLING REPORT # 11

Buccaneer Energy Limited (“Buccaneer” or the “Company”) 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: 9.00 am (Sydney) 30 July 2013 / 3.00 pm (Anchorage) 29 July 2013.
 
Depth: 7,599’ Total Vertical Depth (“TVD”)
 
Activity: Two oil zones within the Tyonek formation totalling 86’ were perforated between 5,824’ to 6,092’ MD and a drill stem test has been completed. After a moderate “blow”, swabbing resulted in good oil recovery. The Endeavour rig has very limited oil storage capability and more extensive flow testing of the oil zones cannot be conducted at this time. This recovered oil is being analysed in detail and will be fully reported when testing is completed.

The testing of the oil zones has achieved the anticipated results and it is expected an upgrade in the oil reserves of the project will be achieved. The next test will target the lowermost gas zone in the Tyonek.


Summary of Previous Results

As indicated from logging, MDT and sidewall cores, the Cosmo # 1 well has confirmed the presence of an extensive hydrocarbon column covering numerous formations above the previously known oil reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic formations 200 - 300’ higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400’ stratigraphically higher than any other wells drilled on the structure to date.

The Tyonek formation, which contained all exploratory targets, was found to have 488’ of indicated oil and gas pay, including 18 gas zones and 8 oil zones.

The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this well. The Starichkof formation was found to have 43’ of indicated oil pay, and the Hemlock formation was found to have 149’ of indicated oil pay.

Not all of the zones intersected will be flow tested; however, the newly-discovered zones will be high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who holds the remaining 75.0% working interest
.

Yours faithfully

BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Executive Chairman

 

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