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Kenai Loop # 1-4 Well - Successful Production Test

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is very pleased to advise that a 24’ section of the 9,700’ sand of the Kenai Loop # 1-4 well was perforated and successfully flowed gas to the surface and the well was shut-in for a 24 hour period to monitor pressure build-up.

The well was then re-opened and a four point test undertaken, with the well flowing gas to the surface at a rate of 5.9 million cubic feet per day (“MMCFD”) on a 20/64” choke with a flowing tubing pressure (“FTP”) of 2,525 psi and no water detected, gas was flared at the location. The absolute open flow potential (“AOFP”) will be calculated and a further release will be made.

The Company is now assessing if additional prospective zones intersected while drilling will also be tested.

A four point test is a process of flowing the well at four different choke sizes for a period of 2-4 hours for each choke size so as to measure both flow rate and FTP.

Yours faithfully, 
Mr. Dean Gallegos
Executive Chairman
BUCCANEER ENERGY LIMITED

For further information please contact Dean Gallegos, Executive Director, on 0416 220 007 or 02 9233 2520. Alternatively, visit the Company’s website at www.buccaneerenergy.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. 

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