Buccaneer Energy Limited updated on the analysis of the 3D seismic survey of the Kenai Loop project.

The Kenai Loop project consists of 9,308 acres and is immediately north and adjoins the lease boundary of the Cannery Loop field that has produced 180 Bcf (30 MMboe) and approximately 3 miles north of the Kenai Unit that has produced 2.4 Tcf (400 MMboe). The Cannery Loop and Kenai Unit were owned and operated by Marathon Oil Company and both share many of the same sand packages which have been encountered and are being produced in the Company's 100% owned Kenai Loop project.

The Company has completed a preliminary evaluation of the 23.4 square mile 3D seismic over the entire Kenai Loop project area. The initial evaluation effort has focused on the producing 9,700' and 10,000' sands (Tyonek formation) around the existing Kenai Loop # 1 well.

Tags: Buccaneer Energy Ltd.