Buccaneer Energy Ltd. (fka BCGFQ)

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ASX RELEASE – 19 SEPTEMBER 2012
KENAI LOOP # 4 WELL – DRILLING REPORT # 1
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following
update on the progress of the Kenai Loop # 4 (“KL # 4”) well:

Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth (“TVD”).
Activity: Surface casing run and cemented. Installed 10,000psi blow-out protector
(“BOP”). Preparing to drill ahead.
Kenai Loop # 1. All of the 7 stacked potential pay sand
Comment: The primary target in the KL # 4 well are 7 stacked potential pay sands in the Tyonek
formation, the well will have a bottom-hole location approximately 2,000’ north-west of
the successful s have been identified
and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon
indicators.
The targeted pay sands within the Tyonek include the 9700’ and 10000’ sands that are
currently being produced in Kenai Loop # 1 well.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660’) , and is
anticipated to take 35-40 days to drill with an additional 10 days for testing.

http://hotcopper.com.au/announcements.asp?id=474404