Australia Markets close in 2 hrs 2 mins

Buccaneer Energy Limited (ASX:BCC) Cosmopolitan Plan of Operations Approved

Sydney, Australia, Mar 14, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC.AX - News) is pleased to advise that the Department of Natural Resources ("DNR"), State of Alaska has approved the Plan of Operations ("POO") for the Cosmopolitan ("Cosmo") project.

The POO was lodged with the DNR in early October 2012, and was released for a 30 day public comment period on 3 December 2012.

The POO includes the provision to drill 2 wells at Cosmopolitan. The permitting of a second well does not commit the Company to drill, but due to the long lead times in having POO's approved gives an option to drill a second well.

The Company, in its role as Operator of the Cosmo project, has this week had constructive meetings with the Alaska Department of Environmental Conservation ("ADEC") on the C-Plan for the Cosmo project. The C-Plan is a plan of response in the event of an oil spill while drilling a well at Cosmo, the Company has an approved C-Plan in place for both its Southern Cross and North West Cook Inlet wells. Once ADEC informs the Company of its decision in writing a further disclosure will be made.

About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC.AX - News) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.

The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:

- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.

Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.


Buccaneer Energy Limited T: +61-2-9233-2520 F: +61-2-9233-2530 WWW:


Buccaneer Energy Limited

Copyright (C) 2013 ABN Newswire. All rights reserved.