Buccaneer Reports a Second Successful Production Test at Cosmo # 1

Buccaneer Energy Limited (Buccaneer or the Company) reported that Sunday, Aug. 11 (Sydney), a 66 feet section of the sand at approximately 4,300 feet measured depth (MD) was perforated and flow tested in the Cosmo # 1 well off Alaska, United States, in which the Company has a 25 percent working interest.

The well has successfully tested gas at a maximum rate of 7.3 cubic feet per day (MMcf/d) on a 30/64 inch choke with a flowing tubing pressure (FTP) of 1,350 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 down-hole testing equipment, and the AOFP finalized, a further release will be made.

These results are in addition to the first gas production test on a 73 feet sand section at approximately 5,500 MD. The zone successfully tested gas at a maximum rate of 7.2 MMcf/d on a 30/64 inch choke with a FTP of 1,318 psi and no water. The AOFP of this section was calculated as 9.4 MMcf/d.

At this stage, only the above two gas zones within the Tyonek Formation will be tested; however, there are multiple additional shallow gas zones within the Tyonek Formation, which may be seen and tested in future appraisal wells. The Cosmo # 1 test results are seen by the Company to be extremely positive. The Company will now proceed with a new third party reserve estimate and finalization of field development plans and capital expenditure estimates. The Cosmo # 1 well will now be suspended as a future production well.

Once operations are completed at the Cosmo # 1 well the Endeavour, Spirit of Independence (300' ILC), will be mobilized to the Southern Cross Unit to spud the Southern Cross # 1 well.

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.


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