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Buccaneer Updates on Progress at Cosmo # 1 Well

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Buccaneer Energy Limited (Buccaneer or the Company) provided the following update on the progress of the Cosmo # 1 well offshore Alaska, United States, in which the Company has a 25 percent working interest:

  • Time : 9.00 am (Sydney) July 30 / 3.00 pm (Anchorage) July 29
  • Depth : 7,599 feet Total Vertical Depth (TVD)
  • Activity: 2 oil zones within the Tyonek formation totaling 86 feet were perforated between 5,824 feet to 6,292 feet Measured Depth (MD) and a drill stem test has been completed. After a moderate "blow", swabbing resulted in good oil recovery. The Endeavour, Spirit of Independence (300' ILC) jackup has very limited oil storage capability and more extensive flow testing of the oil zones cannot be conducted at this time. This recovered oil is being analyzed in detail and will be fully reported when testing is completed. The testing of the oil zones has achieved the anticipated results and it is expected an upgrade in the oil reserves of the project will be achieved. The next test will target the lowermost gas zone in the Tyonek.

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 feet higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400 feet 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 feet 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 feet of indicated oil play, and the Hemlock formation was found to have 149 feet of indicated oil play.

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 percent working interest.

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