Buccaneer Energy to Commence Kenai Loop Ops

Buccaneer Energy Limited has now received all permits and clearances to commence drilling operations at the Kenai Loop project. The Glacier # 1 drilling rig has moved onto the Kenai Loop # 1 drilling pad ready to commence operations.

The Company has received the majority of the processed 3D seismic data and is in the process of incorporating this into the Kenai Loop geological model. Data related to zones that were drilled and tested in the first two Kenai Loop wells drilled in 2011 are undergoing further refinement and the Company expects to have this data incorporated shortly; this part of the process has taken longer than expected due to using a new improved version of a specialised software package.

A final bottom-hole location for the next well will then be chosen, the Company expects to spud this well in the next 2-4 weeks.

The overall quality of the 3 D seismic data is excellent and numerous previously unidentified anomalies have now been preliminarily mapped - each with numerous drilling opportunities. The fault previously thought to have separated the Kenai Loop # 1 and Kenai Loop # 3 well but which could not be identified on the 1970s 2D seismic used to locate that well, is now clearly visible on the new 3D seismic and has been confirmed as the basis for the unsuccessful Kenai Loop # 3 well.

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