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Buccaneer Energy Limited (ASX:BCC) Cosmo No 1 Well - Progress Report

Sydney, Australia, June 25, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC.AX - News) 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: 9.00am (Sydney) 25 June 2013 / 3.00pm (Anchorage) 24 June 2013.

Depth: 5,600' Total Vertical Depth ("TVD")

Activity: Originally planned to drill to 6,000' TVD before setting casing; however, drilling ceased at 5,600' TVD due to encountering oil / condensate shows in the Lower Tyonek formation ~400' higher than expected. Preparing to run wire line logs, take pressure tests and side wall cores in gas sections as described below.

Primary Zones of Interest

Three primary gas zones totalling 175' have been penetrated while drilling. The Logging While Drilling ("LWD") equipment indicated good resistivity, permeability and porosity characteristics. These results need to be confirmed with wire line logs and flow testing, if warranted.

The gas zones were all accompanied with a sharp increase in gas, relative to background gas measurements, prior to intersecting each gas zone. Generally, gas levels over background gas amounts increased by a multiple of 5-10 times, measured resistivity from 10-30 ohms, and permeability and porosity characteristics would indicate production capable sands based on previous basin experience.

There are 4 additional potentially gas bearing zones of interest, similar in total thickness to the primary zones, which the Company classifies as secondary zones of interest.

Well Plan:

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000' ("TD").

Surface casing was set at 800', after which the well was drilled to the top of the Tyonek Formation ("Tyonek") at 2,055' where 13 3/8"casing was set. The content of the shows changed from the shallower, dry gas zones, to indications of possible condensate or oil zones. Casing will be set at approximately 5,485' before drilling further through the lower Tyonek and into the proven oil bearing Starichkof and Hemlock formations, and will reach target depth after drilling the prospective West Foreland Formation. The current plan is to take cores in the oil formations to augment known reservoir data. The objective of this coring operation is to further optimize the future oil plan of development. No flow tests are planned for the oil formations.

On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas productive zones. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested. The well will then be temporarily abandoned as a future gas producer.

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.

Contact:

Buccaneer Energy Limited T: +61-2-9233-2520 F: +61-2-9233-2530 WWW: www.buccenergy.com

Source:

Buccaneer Energy Limited

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