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

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the Cosmo # 1 well:

Time:      9.00am (Sydney) 21 May 2013 / 3.00pm (Anchorage) 20 May 2013.

Depth:    800’ Total Vertical Depth (“TVD”)

Activity:  Surface casing run and cemented in place, preparing to drill ahead.

Well Plan:

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000’ (“TD”), the well is anticipated to take approximately 45 days to drill and test.

Surface casing will be set at 800’ after which the well will be drilled to the top of the Tyonek Formation (“Tyonek”) at 2,000’ where casing will again be set. The Tyonek zone is expected to hold multiple prospective gas zones down to 6,000’.

Casing will be set at approximately 6,000’ 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.



Yours faithfully


BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Director

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