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Buccaneer Energy Limited (ASX:BCC) Kenai Loop Well - Progress Report

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the Kenai Loop # 1 well:
9.00am (Sydney) 4 May 2011 / 3.00pm (Anchorage) 3 May 2011.
8,810 feet Total Vertical Depth (“TVD”)
Re-Commenced drilling at approximately 1.00am (Sydney) 3 May after logging operations and setting intermediary casing to 8,050 feet. Currently drilling ahead to Total Depth (“TD”) of 10,500 feet TVD.
Drilling within the Upper Tyonek Formation which is the primary objective of the well. The Upper Tyonek extends to the TD of the well.
Mud logs indicate that 3 intervals, totalling approximately 50 feet, contain C2 and C3 gases in addition to methane (C1 gas). The significance of these gas shows will be determined after data is obtained from the logging run(s). Mud weight has been increased.
The amount of gas in the sections drilled, the nature of the show, the heavy gases (C2 & C3), and the sandstone described in the mud logs are encouraging. The well is currently correlating to pre drill expectations in respect to formation depths.
Wire line Logs from the Beluga Formation are currently being analysed to determine best zones for testing.
The closest wells to the Company’s Kenai Loop # 1 well are the Cannery Loop # 3 and # 4 wells located in the Cannery Loop Field, which were drilled from the same surface location approximately 6,325 feet (1.2 miles) from the Kenai Loop # 1 well location.
The Cannery Loop # 3 and # 4 wells have produced a combined 25.5 BCF from pay zones whose equivalents are expected to be present in the Kenai Loop # 1 well, but separated from the Cannery Loop Field by geological deposition rather than fault. Drilling to date in the Kenai Loop # 1 well has confirmed that the formations encountered to date are likely separated from the Field.
There were 11 wells in the Cannery Loop Field. One well produced from the Sterling Formation which is not one a target in Kenai Loop # 1 well, the other 10 wells produced from the Beluga and Upper Tyonek. The Upper Tyonek is the primary target Formation of the Kenai Loop #1 well.
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