Buccaneer Reports Successful Gas Production Test at Cosmo # 1

Australia-listed Buccaneer Energy Limited (Buccaneer or the Company) reported that Sunday, Aug. 4 (Sydney), a 73-inch section of the sand at approximately 5,500 feet measured depth (MD) was perforated and flow tested in the Cosmo # 1 well offshore Alaska, United States, in which the Company has a 25 percent working interest.

The well has successfully tested gas at a maximum rate of 7.2 million cubic feet per day on a 30/64 inch choke with a flowing tubing pressure (FTP) of 1,318 pressure per square inch (psi)  and no water. Gas was flared at the location.

A four-point test was carried out to estimate the absolute open flow potential (AOFP) of the reservoir, Once the pressure data is recovered from the down-hole testing equipment and the AOFP finalized a further release will be made.

At this time, the preparations are underway to test the second gas zone at 4,300 feet MD with a 60 inch interval of perforations.

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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