Buccaneer Energy Ltd. (fka BCGFQ)

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Buccaneer Energy Limited (ASX:BCC) Cosmo No Well Progress Report - Oil Testing Results
July 30, 2013

Buccaneer Energy Limited (ASX:BCC) ("Buccaneer" or "the Company") is pleased to provide the following update on the progress of the Cosmo # 1 well in which the Company has a 25% working interest:

Time: 9.00 am (Sydney) 30 July 2013 / 3.00 pm (Anchorage) 29 July 2013.
Depth: 7,599' Total Vertical Depth ("TVD")

Activity: Two oil zones within the Tyonek formation totalling 86' were perforated between 5,824' to 6,092' MD and a drill stem test has been completed. After a moderate "blow", swabbing resulted in good oil recovery. The Endeavour rig has very limited oil storage capability and more extensive flow testing of the oil zones cannot be conducted at this time. This recovered oil is being analysed in detail and will be fully reported when testing is completed.

The testing of the oil zones has achieved the anticipated results and it is expected an upgrade in the oil reserves of the project will be achieved. The next test will target the lowermost gas zone in the Tyonek.

http://www.itnews.it/news/2013/0730071504666/buccaneer-energy-limited-asx-bcc-cosmo-no-well-progress-report-oil-testing-results.html