Buccaneer Energy Ltd. (fka BCGFQ)

[eom7]

KENAI LOOP # 1-4 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 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.