Buccaneer Energy Ltd. (fka BCGFQ)

[Bobwins]

COSMO# 1 WELL – SUCCESSFUL GAS PRODUCTION TEST
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to advise that Sunday, 4
August 2013 (Sydney), a 73’ section of the sand at approximately 5,500’ measured depth (MD) was
perforated and flow tested in the Cosmo # 1 well in which the Company has a 25% working
interest.
The well has successfully tested gas at a maximum rate of 7.2 million cubic feet per day (“MMCFD”)
on a 30/64” choke with a flowing tubing pressure (“FTP”) of 1,318 psi and no water. Gas was flared
at the location, see Figures 1 and 2 below.
A four-point test was carried out to estimate the absolute open flow potential (“AOFP”) of the
reservoir. Once the pressure data is recovered from down-hole testing equipment and the AOFP
finalised a further release will be made.
At this time, the preparations are underway to test the second gas zone at 4,300’ MD with a 60’
interval of perforations.
Summary of Previous Results
As indicated from logging, MDT and sidewall cores,the Cosmo # 1 well has confirmed the presence
of an extensive hydrocarbon column covering numerous formations above the previously known oil
reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic
formations 200 - 300’ higher than those encountered by the Starichkof State # 1 well. The Cosmo #
1 well has encountered oil bearing sands ~400’ stratigraphically higher than any other wells drilled
on the structure to date.
The Tyonek formation, which contained all exploratory targets, was found to have 488’ of indicated
oil and gas pay, including 18 gas zones and 8 oil zones.
The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this
well. The Starichkof formation was found to have 43’ of indicated oil pay, and the Hemlock
formation was found to have 149’ of indicated oil pay.
Not all of the zones intersected will be flow tested; however, the newly-discovered zones will be
high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who
holds the remaining 75.0% working interest.
Yours faithfully
BUCCANEER ENERGY LIMITED