Buccaneer Energy Ltd. (fka BCGFQ)

[Bobwins]

It's great that the oil looks commercial and the first gas test is also solid. Looks like they opened up the choke further than they did in the Kenai Loop tests so it probably produces at 1/2 the test rate at best from this zone. BUT this is the first of several tests. I was hoping for a test exceeding 10mmcfpd but this is a good start. If they have several good zones, we may be able to co mingle the zones if the pressures are similar.

Also have to remember that Buccaneer has 25% WI in this well as opposed to 51% to 100% in their other wells.

Looks like their first offshore well is a success but how good is still to be determined. 400' feet of pay is great but we need a couple good zone tests to allow Blue Crest to finance more Cosmos drilling.