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Kenai Loop # 1-4 Well - Drilling Report # 5

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the 100% owned Kenai Loop # 1-4 well:

Time:

 

12.00 am (Sydney) 10 September 2013 / 6.00 am (Anchorage) 9 September 2013

 

Depth:

 

10,430’ Measured Depth ("MD") / 10,233’ True Vertical Depth (“TVD”)

 

Activity:

 

We are currently drilling ahead and expect to reach our total depth of 10,897’ MD shortly.

After reaching total depth, wireline logs will be run as per our evaluation program.

As expected, there was an increase in gas readings upon intersecting the 9700’ sand (productive in Kenai Loop # 1-1 and # 1-3).

Well Plan:

The Kenai Loop # 1-4 well is being drilled from Drilling Pad # 1, which is the same drilling pad as Buccaneer’s other Kenai Loop wells and will be drilled to approximately 10,700’ TVD / 10,897’ MD.

The well is being drilled to a target that appears to be fault separated from the current producing zones in the Kenai Loop # 1-1 and Kenai Loop # 1-3 wells. The current production facilities at Drilling Pad # 1 will need minor upgrades to facilitate production from this new well and preliminary plans have been finalized to perform these upgrades with minimal delays.

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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