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Endeavour Jack-Up Rig to Start Drilling Cook Inlet Cosmopolitan Unit:

AOGCC RIG CERTIFICATION AND COSMOPOLITAN WELL PLAN

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to advise that the Alaskan Oil and Gas Conservation Commission (“AOGCC”) has inspected and certified the Endeavour jack-up rig for operations within Alaskan state waters, this is the final certification required by the Endeavour to be able to commence drilling operations.

The Company is currently preparing to spud the Cosmo # 1 well.

The Cosmopolitan Project (“Cosmo”) is located in 80’ feet of water approximately 30 miles to the north west of Homer. Cosmo is jointly owned with privately owned Fort Worth, Texas based BlueCrest Energy II, LP (“BlueCrest”) owning a 75% working interest and Buccaneer a 25% working interest, with Buccaneer acting as Operator on the project.

Cosmo # 1 Well Plan

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000’ (“TVD”), the well is anticipated to take approximately 40 – 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 first gas Tyonek gas zone is expected to be intersected at approximately 2,150’ with multiple gas zones anticipated to be intersected down to 6,000’.

Casing will be set at 6,100’ before drilling through the oil bearing Starichkof, Hemlock and West Foreland Formations to TVD. The current plan is to core each of these oil formations to gather additional reservoir data so as to design the future development program for the oil formations. 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 at 6,100’. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested.



Yours faithfully

BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Director

 
 www.buccenergy.com.
 
About Buccaneer

Buccaneer Energy Limited is an Australian listed company focused on developing its 100% owned oil & gas assets in Alaska. The Company's flagship projects are a series of onshore and offshore developmental and exploration prospects in Alaska’s Cook Inlet.

Buccaneer Energy has a 3 pronged cashflow strategy:

  • Developing the 100 % owned Kenai Loop onshore gas project with independently assessed 6.4 MMBOE in 2P Reserves;
  • Operating a offshore Jack Up rig for use by third parties in the Cook Inlet; and
  • Developing its 100% owned offshore Cook Inlet projects that have independently assessed 88.4 MMBOE in 2P Reserves / P50 Resources using the acquired Jack Up rig.

Buccaneer Energy has a 50/50 joint venture with Singaporean based Ezion, a leader in the development, ownership and chartering of strategic offshore assets and the Alaskan Industrial Development and Export Authority (“AIDEA”). This joint venture has acquired the jack-up rig “Endeavour” which is capable of drilling in all areas of the Cook Inlet, the Beaufort Sea and the Chukchi Sea. Mobilisation of the Endeavour into the Cook Inlet was completed in late August 2012.

The Alaskan Government is supportive of oil and gas in the Cook Inlet. There are a number of fiscal incentive programs for exploration and development in the Cook Inlet.

Buccaneer Energy has drilled the two wells onshore Kenai Loop both of which are in production at a combined rate of 10.0 MMCFD (1,666 BOEPD), the Company expects this to increase to 11 - 12 MMCFD (1,833 – 2,000 BOEPD) if a third gas sales contract can be finalised in the coming months.

Buccaneer Energy also has major working interests in two producing projects in Texas, USA. Pompano is an offshore gas project located in the Gulf of Mexico, drilled by the Company in 2008 and has an additional pipeline of ‘drill-ready’ gas prospects.

 

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