Buccaneer Energy Limited advise that Sunday, 11 August 2013 (Sydney), a 66' section of the sand at approximately 4,300' measured depth (MD) was perforated and flow tested in the Cosmo # 1 well in which the Company has a 25% working interest.

The well has successfully tested gas at a maximum rate of 7.3 million cubic feet per day (MMCFD) on a 30/64" choke with a flowing tubing pressure (FTP) of 1350 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 finalised, a further release will be made.

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

Tags: Buccaneer Energy Ltd.|