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Buccaneer Energy - Kenai Loop # 4 Well - Update - ASX Release

KENAI LOOP # 4 WELL – UPDATE

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to advise that casing in the Kenai Loop # 4 well has been successfully run and cemented in place to 13,035’ measured depth.

Additionally the Company advises that the period for the public to request a hearing with the Alaska Oil and Gas Conservation Commission (“AOGCC”) to test the Kenai Loop # 4 well has expired with no requests being received. The Company anticipates receiving the spacing permit on 27/28 November 2012 (US time) and will commence production testing immediately on receipt of the spacing permit.


Background

Wire line logging of the Kenai Loop # 4 well has identified multiple sands with indications of gas within the Tyonek Formation. This includes 5 separate sands that have an average thickness of 34’ each (‘A’ Zones) and that compare in quality to known productive sands in the Cannery Loop field that adjoins Kenai Loop, with each of these sands having gas shows while drilling. Further testing is needed to confirm these zones can be commercially produced as they were at Cannery Loop, the Cannery Loop field has produced 180 BCF (30 MMBO).

Additionally the equivalent 9,700’ and 10,000’ zones that are productive in the Kenai Loop # 1 well and producing a combined 6.0 MMCFD (1000 BOEPD) were also encountered in Kenai Loop # 4 well with both of these zones having very good gas shows while drilling. The 3D seismic indicates these sands are continuous from the Kenai Loop # 1 well to the south-east. In the Kenai Loop # 4 well, the 9,700’ sand is 24’ thick and the 10,000’ sand is 76’ thick.

Additionally the Kenai Loop # 4 well has also encountered several additional sands that appear to be gas bearing (‘B’ Zones), but do not compare with known productive sands in either the Cannery Loop or Kenai Loop fields.


 

Yours faithfully

BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Director

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